Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 28, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-55760 | ||
Entity Registrant Name | Mobile Infrastructure Corporation | ||
Entity Central Index Key | 0001642985 | ||
Entity Tax Identification Number | 47-3945882 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Address, Address Line One | 250 E. 5th STREET | ||
Entity Address, Address Line Two | SUITE 2110 | ||
Entity Address, City or Town | CINCINNATI | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 45202 | ||
City Area Code | 513 | ||
Local Phone Number | 834-5110 | ||
Title of 12(g) Security | Common Stock, $0.0001 Par Value | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 7,762,375 | ||
Auditor Firm ID | 34 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Cincinnati, OH |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Investments in real estate | ||
Land and improvements | $ 166,224,000 | $ 128,284,000 |
Buildings and improvements | 254,379,000 | 163,792,000 |
Construction in progress | 89,000 | 1,320,000 |
Intangible assets | 9,756,000 | 2,107,000 |
430,448,000 | 295,503,000 | |
Accumulated depreciation | (22,873,000) | (17,039,000) |
Total investments in real estate, net | 407,575,000 | 278,464,000 |
Fixed Assets, net of accumulated depreciation of $94,000 and $78,000 as of December 31, 2021 and 2020, respectively | 61,000 | 63,000 |
Cash | 11,805,000 | 4,235,000 |
Cash – restricted | 4,891,000 | 3,660,000 |
Prepaid expenses | 676,000 | 1,909,000 |
Accounts receivable, net allowance of doubtful accounts of $0.1 million and $0.4 million as of December 31, 2021 and 2020, respectively | 4,031,000 | 1,114,000 |
Investment in DST | 2,821,000 | |
Due from related parties | 1,000 | |
Other assets | 108,000 | 183,000 |
Right of use leased asset | 1,282,000 | |
Total assets | 429,147,000 | 293,732,000 |
Liabilities | ||
Notes payable and paycheck protection program loan, net | 207,153,000 | 159,344,000 |
Accounts payable and accrued expenses | 13,849,000 | 11,967,000 |
Indemnification liability | 2,000,000 | |
Right of use lease liability | 1,282,000 | |
Deferred management internalization | 10,040,000 | |
Security deposits | 166,000 | 141,000 |
Deferred revenue | 155,000 | 140,000 |
Total liabilities | 223,323,000 | 182,914,000 |
Mobile Infrastructure Corporation Stockholders’ Equity | ||
Common stock, $0.0001 par value, 98,999,000 shares authorized, 7,762,375 and 7,727,696 shares issued and outstanding as of December 31, 2021 and 2020, respectively | ||
Warrants issued and outstanding – 1,702,128 and zero warrants as of December 31, 2021 and December 31, 2020, respectively | 3,319,000 | |
Additional paid-in capital | 196,176,000 | 198,769,000 |
Accumulated deficit | (101,049,000) | (89,985,000) |
Total Mobile Infrastructure Corporation Stockholders’ Equity | 98,446,000 | 108,784,000 |
Non-controlling interest | 107,378,000 | 2,034,000 |
Total equity | 205,824,000 | 110,818,000 |
Total liabilities and equity | 429,147,000 | 293,732,000 |
Series A Preferred Stock [Member] | ||
Mobile Infrastructure Corporation Stockholders’ Equity | ||
Non-voting, non-participating convertible stock, $0.0001 par value, 1,000 shares authorized, 0.0001 par value, 1,000 shares authorized, no shares issued and outstanding | ||
Series 1 Preferred Stock [Member] | ||
Mobile Infrastructure Corporation Stockholders’ Equity | ||
Non-voting, non-participating convertible stock, $0.0001 par value, 1,000 shares authorized, 0.0001 par value, 1,000 shares authorized, no shares issued and outstanding | ||
Nonvoting Common Stock [Member] | ||
Mobile Infrastructure Corporation Stockholders’ Equity | ||
Non-voting, non-participating convertible stock, $0.0001 par value, 1,000 shares authorized, 0.0001 par value, 1,000 shares authorized, no shares issued and outstanding |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 94,000 | $ 78,000 |
Accounts Receivable, Allowance for Credit Loss | $ 100,000 | $ 400,000 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 98,999,000 | 98,999,000 |
Common Stock, Shares, Issued | 7,762,375 | 7,727,696 |
Common Stock, Shares, Outstanding | 7,762,375 | 7,727,696 |
Temporary Equity, Shares Issued | 1,702,128 | 0 |
Temporary Equity, Shares Outstanding | 1,702,128 | 0 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 50,000 | 50,000 |
Preferred Stock, Shares Issued | 2,862 | 2,862 |
Preferred Stock, Shares Outstanding | 2,862 | 2,862 |
Preferred Stock, Liquidation Preference, Value | $ 2,862,000 | $ 2,862,000 |
Series 1 Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 97,000 | 97,000 |
Preferred Stock, Shares Issued | 39,811 | 39,811 |
Preferred Stock, Shares Outstanding | 39,811 | 39,811 |
Preferred Stock, Liquidation Preference, Value | $ 39,811,000 | $ 39,811,000 |
Nonvoting Common Stock [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 1,000 | 1,000 |
Common Stock, Shares, Issued | 0 | 0 |
Common Stock, Shares, Outstanding | 0 | 0 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | ||
Rental revenue | $ 11,970,000 | $ 15,319,000 |
Percentage rent income | 3,988,000 | 448,000 |
Management income | 4,466,000 | 827,000 |
Total revenues | 20,424,000 | 16,594,000 |
Operating expenses | ||
Property taxes | 5,382,000 | 4,799,000 |
Property operating expense | 1,583,000 | 1,496,000 |
General and administrative | 6,530,000 | 6,029,000 |
Professional fees | 2,645,000 | 970,000 |
Acquisition expenses | 3,000 | |
Impairment of investments in real estate | 14,115,000 | |
Depreciation and amortization | 5,850,000 | 5,206,000 |
Total operating expenses | 21,990,000 | 32,618,000 |
Other income (expense) | ||
Interest expense | (9,536,000) | (9,274,000) |
Gain on sale from investments in real estate | 694,000 | |
PPP loan forgiveness | 348,000 | |
Other Income | 217,000 | 151,000 |
Settlement income | 370,000 | |
Income from or gain on consolidation of DST | 360,000 | 34,000 |
Settlement of deferred management internalization | 10,040,000 | |
Transaction expenses | (12,224,000) | |
Total other expense | (10,795,000) | (8,025,000) |
Net loss | (12,361,000) | (24,049,000) |
Net loss attributable to non-controlling interest | (1,297,000) | (575,000) |
Net loss attributable to Mobile Infrastructure Corporation’s stockholders | (11,064,000) | (23,474,000) |
Preferred stock distributions declared - Series A | (216,000) | (216,000) |
Preferred stock distributions declared - Series 1 | (2,784,000) | (2,784,000) |
Net loss attributable to Mobile Infrastructure Corporation’s common stockholders | $ (14,064,000) | $ (26,474,000) |
Basic and diluted loss per weighted average common share: | ||
Net loss per share attributable to Mobile Infrastructure Corporation’s stockholders common stockholders - basic and diluted | $ (1.82) | $ (3.62) |
Weighted average common shares outstanding, basic and diluted | 7,741,192 | 7,329,045 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes in Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Warrant [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 194,137,000 | $ (66,511,000) | $ 2,619,000 | $ 130,245,000 | |||
Preferred Stock, Shares Outstanding, Beginning Balance at Dec. 31, 2019 | 42,673 | ||||||
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 7,332,811 | ||||||
Distributions to non-controlling interest | (10,000) | (10,000) | |||||
Issuance of common stock | 7,760,000 | 7,760,000 | |||||
Stock Issued During Period, Shares, New Issues | 400,000 | ||||||
Redeemed Shares | (128,000) | (128,000) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | (5,115) | ||||||
Distributions – Series A | (216,000) | (216,000) | |||||
Distributions – Series 1 | (2,784,000) | (2,784,000) | |||||
Net loss | (23,474,000) | (575,000) | (24,049,000) | ||||
Ending balance, value at Dec. 31, 2020 | 198,769,000 | (89,985,000) | 2,034,000 | $ 110,818,000 | |||
Preferred Stock, Shares Outstanding, Ending Balance at Dec. 31, 2020 | 42,673 | ||||||
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2020 | 7,727,696 | 7,727,696 | |||||
Distributions to non-controlling interest | |||||||
Issuance of common stock | 407,000 | 407,000 | |||||
Stock Issued During Period, Shares, New Issues | 34,679 | ||||||
Distributions – Series A | (216,000) | (216,000) | |||||
Distributions – Series 1 | (2,784,000) | (2,784,000) | |||||
Net loss | (11,064,000) | (1,297,000) | (12,361,000) | ||||
Issuance of OP units | $ 104,088,000 | $ 104,088,000 | |||||
Issuance of warrants | 3,319,000 | 3,319,000 | |||||
Consolidation of DST | $ 2,553,000 | $ 2,553,000 | |||||
Ending balance, value at Dec. 31, 2021 | $ 3,319,000 | $ 196,176,000 | $ (101,049,000) | $ 107,378,000 | $ 205,824,000 | ||
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 7,762,375 | 7,762,375 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net Loss | $ (12,361,000) | $ (24,049,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 5,850,000 | 5,206,000 |
PPP loan forgiveness | (348,000) | |
Gain from acquisition of real estate | (694,000) | |
Stock based compensation | 144,000 | |
Settlement of deferred management internalization | (10,040,000) | |
Income from or gain on consolidation of DST | (360,000) | (33,000) |
Amortization of right of use lease assets | 28,000 | 111,000 |
Impairment | 14,115,000 | |
Amortization of loan costs | 346,000 | 768,000 |
Changes in operating assets and liabilities | ||
Due to/from related parties | (192,000) | (55,000) |
Accounts payable and accrued liabilities | (4,080,000) | (1,119,000) |
Indemnification liability | 2,000,000 | |
Right of use lease liability | (28,000) | (111,000) |
Deferred revenue | 15,000 | 36,000 |
Other assets | 86,000 | (72,000) |
Security deposits | 16,000 | 3,000 |
Accounts receivable | (2,882,000) | (185,000) |
Prepaid expenses | 1,746,000 | (230,000) |
Net cash used in operating activities | (20,060,000) | (6,309,000) |
Cash flows from investing activities: | ||
Additions to real estate | (665,000) | (1,214,000) |
Acquisition of real estate | (19,541,000) | (78,000) |
Additions to intangible assets | (46,000) | |
Proceeds from investments | 48,000 | |
Proceeds from sale of investment in real estate | 2,736,000 | |
Net cash (used in) provided by investing activities | (20,252,000) | 1,492,000 |
Cash flows from financing activities | ||
Proceeds from notes payable | 3,866,000 | 5,545,000 |
Payments on notes payable | (6,343,000) | (3,483,000) |
Issuance of OP units | 51,335,000 | |
Issuance of common stock | 263,000 | |
Loan fees | (154,000) | (106,000) |
Distribution to non-controlling interest | (10,000) | |
Redeemed shares | (128,000) | |
Preferred dividends paid to stockholders | (750,000) | |
Net cash provided by financing activities | 48,967,000 | 1,068,000 |
Net change in cash, cash equivalents and restricted cash | 8,655,000 | (3,749,000) |
Initial consolidation of VIE | 146,000 | |
Cash, cash equivalents and restricted cash, beginning of period | 7,895,000 | 11,644,000 |
Cash, cash equivalents and restricted cash, end of period | 16,696,000 | 7,895,000 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||
Cash, cash equivalents at beginning of period | 4,235,000 | 7,707,000 |
Restricted cash at beginning of period | 3,660,000 | 3,937,000 |
Cash, cash equivalents and restricted at beginning of period | 7,895,000 | 11,644,000 |
Cash and cash equivalents at end of period | 11,805,000 | 4,235,000 |
Restricted cash at end of period | 4,891,000 | 3,660,000 |
Cash, cash equivalents and restricted at end of period | 16,696,000 | 7,895,000 |
Supplemental disclosures of cash flow information: | ||
Interest Paid | 9,882,000 | 8,506,000 |
Non-cash investing and financing activities: | ||
Dividends declared not yet paid | 3,000,000 | 2,501,000 |
Payments on note payable through sale of investment in real estate | (2,500,000) | |
Consolidation of variable interest entities, net | 3,181,000 | |
Assumption of debt through acquisition | 44,478,000 | |
Acquisition of properties through OP units and warrants | $ 56,074,000 |
Organization and Business Opera
Organization and Business Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | Note A — Organization and Business Operations Mobile Infrastructure Corporation (formerly known as The Parking REIT, Inc.) (the “Company,” “we,” “us” or “our”), is a Maryland corporation formed on May 4, 2015. The Company focuses on acquiring, owning and leasing parking facilities and related infrastructure, including parking lots, parking garages and other parking structures throughout the United States. The Company targets both parking garage and surface lot properties primarily in top 50 U.S. Metropolitan Statistical Areas (“MSAs”), with proximity to key demand drivers, such as airports, transportation hubs, educational facilities, government buildings and courthouses, sports and entertainment venues, hospital and health centers, hotels, office complexes and residences. As of December 31, 2021, the Company owned 44 parking facilities in 22 separate markets throughout the United States, with a total of 15,263 parking spaces and approximately 5.3 million square feet. The Company also owns approximately 0.1 million square feet of retail/commercial space adjacent to its parking facilities. The Company is the sole general partner of Mobile Infra Operating Partnership, L.P., formerly known as MVP REIT II Operating Partnership, LP, a Maryland limited partnership (the “Operating Partnership”). The Company owns substantially all of its assets and conducts substantially all of its operations through the Operating Partnership, is the sole general partner of the Operating Partnership and owns approximately 45.8% of the common units of the Operating Partnership (the “OP Units”). Color Up, LLC, a Delaware limited liability company (“Color Up” or “Purchaser”) and HSCP Strategic III, LP, a Delaware limited partnership (“HS3”), are limited partners of the Operating Partnership and own approximately 44.2% and 10%, respectively, of the outstanding OP Units. Color Up is our largest stockholder and is controlled by the Company’s Chief Executive Officer and a director, Manuel Chavez, the Company’s President, Interim Chief Financial Officer, Treasurer, Secretary and a director, Stephanie Hogue, and a director of the Company, Jeffrey Osher. HS3 is controlled by Mr. Osher. The Company previously elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes and operated in a manner that allowed the Company to qualify as a REIT through December 31, 2019. As a consequence of the COVID-19 pandemic, the Company entered into temporary lease amendments with some of its tenants during the year ended December 31, 2020. The income generated under these lease amendments did not constitute qualifying REIT income for purposes of the annual REIT gross income tests, and, as a result, the Company was not in compliance with the annual REIT income tests for the year ended December 31, 2020. Accordingly, the Company did not qualify for taxation as a REIT in 2020 and has been taxed as a C corporation beginning with its 2020 taxable year. As a C corporation, the Company is subject to federal income tax on its taxable income at regular corporate rates. In addition, any distributions to our stockholders will not be deductible by the Company. As a result, being taxed as a C corporation rather than as a REIT could reduce the cash available for distribution by the Company to its stockholders. Moreover, as a C corporation, the Company is not required to distribute any amounts to its stockholders. Recapitalization On January 8, 2021, the Company entered into an equity purchase and contribution agreement (the “Purchase Agreement”) by and among the Company, the Operating Partnership, Vestin Realty Mortgage I, Inc., (“VRMI”) Vestin Realty Mortgage II, Inc. (“VRMII”) and Michael V. Shustek (“Mr. Shustek” and together with VRMI and VRMII, the “Former Advisor”) and Color Up (the “Purchaser”). The transactions contemplated by the Purchase Agreement are referred to herein collectively as the “Transaction.” On August 25, 2021, the closing of the Transaction occurred (the “Closing”). As a result of the Transaction, the Company acquired three multi-level parking garages consisting of approximately 765 and 1,625 parking spaces located in Cincinnati Ohio and approximately 1,154 parking spaces located in Chicago, Illinois totaling approximately 1,201,000 square feet. In addition to the parking garages contributed, proprietary technology was contributed to the Company, which will provide Management real-time information on the performance of assets. Pursuant to the Closing, the Operating Partnership issued 7,495,090 newly issued common units of the Operating Partnership (the “OP Units”) at $11.75 per unit for total consideration of $84.1 million, net of transaction costs. The consideration received consisted of $35.0 million of cash, three parking assets with a fair value of approximately $98.8 million (“Contributed Interests”) and technology with a fair value of $4.0 million. The Company also assumed long-term debt with a fair value of approximately $44.5 million. In addition, the Company issued warrants to Color Up to purchase up to 1,702,128 shares of Common Stock at an exercise price of $11.75 for an aggregate cash purchase price of up to $20 million. The fair value of the warrants recorded as of the Closing was approximately $3.3 million. Transaction expenses not directly related to the acquisition of the Contributed Interests or issuance of OP Units of approximately $12.2 million and the settlement of the deferred management internalization liability of $10.0 million were recorded in transaction expenses and settlement of deferred management internalization, respectively, in the Statement of Operations. The Company also assumed long-term debt with a fair value of approximately $44.5 million. In addition, the Company issued warrants to Color Up to purchase up to 1,702,128 shares of Common Stock at an exercise price of $11.75 for an aggregate cash purchase price of up to $20 million. The fair value of the warrants recorded as of the Closing was approximately $3.3 million. Transaction expenses not directly related to the acquisition of the Contributed Interests or issuance of OP Units of approximately $12.2 million and the settlement of the deferred management internalization liability of $10.0 million were recorded in transaction expenses and settlement of deferred management internalization, respectively, in the Statement of Operations. Management assessed the potential accounting treatment for the Transaction by applying ASC 805 and determined the Transaction did not result in a change of control. As a result, the three real estate assets and the technology platform acquired, described above, were accounted for by the Company as asset acquisitions in the financial statements, resulting in the recognition of assets and liabilities, at acquired cost and reflect the capitalization of any transaction costs directly attributable to the asset acquisitions. Liquidity Matters The Company has incurred net losses since its inception and anticipates net losses and negative operating cash flows for the near future. For the year ended December 31, 2021, the Company had a net loss of $12.4 million and had $16.7 million in cash, cash equivalents and restricted cash. In connection with preparing the consolidated financial statements as of December 31, 2021 and for the year then ended, management evaluated the extent of the impact from the COVID-19 pandemic on the Company’s business and its future liquidity for one year from the issuance of the December 31, 2021 financial statements. As of December 31, 2021, the Company had $67.5 million of notes payable maturing during 2022. Effective March 29, 2022, the Company secured a $75.0 million loan with a $75.0 million accordion feature (the “Credit Facility”). The initial $75.0 million will be used for maturities in 2022, whereas the accordion can be utilized for acquisitions, capital expenditures, and other working capital requirements of the Company. This refinancing significantly reduces cash paid for interest payments, thus improving the cash position of the Company, as well as provides the Company flexibility for working capital and growth via acquisitions. These plans have alleviated the previously identified substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note B — Summary of Significant Accounting Policies Basis of Accounting The consolidated financial statements of the Company are prepared on the accrual basis of accounting and in accordance with principles generally accepted in the United States of America (“GAAP”) for financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the SEC. In the opinion of management, all normal recurring adjustments considered necessary to give a fair presentation of operating results for the periods presented have been included. Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership, each of their wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. For entities that meet the definition of a variable interest entity (“VIE”), the Company consolidates those entities when the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it possesses both the unilateral power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company continually evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. All intercompany activity is eliminated in consolidation. Equity investments in which the Company exercises significant influence but does not control and is not the primary beneficiary are accounted for using the equity method. The Company's share of its equity method investees' earnings or losses is included in other income in the accompanying condensed consolidated statements of operations. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding asset impairment and purchase price allocations to record investments in real estate, as applicable. Concentration The Company had fourteen parking tenants/operators during the years ended December 31, 2021 and 2020, respectively. One tenant/operator, SP + Corporation (Nasdaq: SP) (“SP+”), represented 60.5% and 61.0% of the Company’s parking rental revenue for the years ended December 31, 2021 and 2020, respectively. Premier Parking Service, LLC represented 12.6% and 15.9% of the Company’s parking rental revenue for the years ended December 31, 2021 and 2020, respectively. In addition, the Company had concentrations in Cincinnati (20.8% and 8.1%), Detroit (13.8% and 19.0%), Chicago (9.5% and 0.0%), and Houston (8.5% and 11.7%) based on book value of the real estate the Company owned, as of December 31, 2021 and 2020, respectively. For the year ended December 31, 2021, 52.2% of the Company’s outstanding accounts receivable balance was with SP+. For the year ended December 31, 2020, 47.1% and 24.9% of the Company’s outstanding accounts receivable balance was with SP+ and Premier Parking, respectively. Acquisitions All assets acquired and liabilities assumed in an acquisition of real estate accounted for as a business combination are measured at their acquisition date fair values. For acquisitions of real estate accounted for as an asset acquisition, the fair value of consideration transferred by the Company (including transaction costs) is allocated to all assets acquired and liabilities assumed on a relative fair value basis. The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their relative fair values. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and fixtures are based on valuations performed by independent third parties or on the Company's analysis of comparable properties in the Company's portfolio. Identifiable intangible assets include amounts allocated to acquire leases for above- and below-market lease rates, the value of in-place leases, and the value of customer relationships, as applicable. The aggregate value of intangible assets related to in-place leases is primarily the difference between the property valued with existing in-place leases adjusted to market rental rates and the property valued as if vacant. Factors considered by the Company in its analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, considering current market conditions and costs to execute similar leases. In estimating carrying costs, the Company will include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up period. Estimates of costs to execute similar leases including leasing commissions, legal and other related expenses are also utilized. Above-market and below-market in-place lease values for owned properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market and below-market lease intangibles are amortized as a decrease or increase, respectively, to rental income over the remaining term of the lease. In determining the amortization period for lease intangibles, the Company initially will consider the likelihood that a lessee will execute the renewal option. The likelihood that a lessee will execute the renewal option is determined by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. The value of in-place leases is amortized to expense over the initial term of the respective leases. The value of intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease intangibles is charged to expense. In making estimates of fair values for purposes of allocating purchase price, the Company will utilize several sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company will also consider information obtained about each property as a result of the Company's pre-acquisition due diligence, as well as subsequent marketing and leasing activities, in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, the property is written down to fair value and an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. The Company recorded no impairment charges for the year ended December 31, 2021 and $14.1 million for the year ended December 31, 2020. These charges were recorded to write down the carrying value of investments in real estate to their current fair values. Management used an independent third-party to determine the fair value primarily using the income capitalization approach based on the contracted rent to be received from the operator or the sales comparison approach. The income capitalization approach reflects the property’s income-producing capabilities based on the assumption that value is created by the expectation of benefits to be derived in the future. The sales comparison approach utilizes sales of comparable properties, adjusted for differences, to indicate value. Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts and money market funds. From time to time, the cash and cash equivalent balances at one or more of our financial institutions may exceed the Federal Depository Insurance Corporation coverage. Restricted Cash Restricted cash primarily consists of escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums and other amounts required to be escrowed pursuant to loan agreements. Leases The majority of the Company’s revenue is lease revenue derived from real estate assets, which is accounted for under ASC Topic 842, Leases (“ASC 842”). The Company records lease and lease-related revenue as Rental Income on the consolidated statements of operations, in accordance with ASC 842. The majority of the Company’s leases are structured such that tenants pay base rent and percentage rent in an amount equal to a designated percentage of the amount by which gross revenues at the property during any lease year exceed a negotiated base amount; tenants are also financially responsible for all, or substantially all, property-level operating and maintenance expenses, subject to certain exceptions. Percentage rent is typically based on the amount by which gross revenues of the parking facility exceeds a base amount, which allows the tenant to off-set some of its property-level operational expenses. The Company negotiates base rent, percentage rent and the base amount used in the calculation of percentage rent with the applicable tenant based on economic factors applicable to the particular parking facility and geographic market. In general, the Company expects that the rent received from tenants will constitute the majority of the gross receipts generated at such parking facility above the applicable negotiated threshold. A lease is determined to be an operating, sales-type, or direct financing lease using the criteria established in ASC 842. Leases will be considered either sales-type or direct financing leases if any of the following criteria are met: • if the lease transfers ownership of the underlying asset to the lessee by the end of the term; • if the lease grants the lessee an option to purchase the underlying asset that is reasonably certain to be exercised; • if the lease term is for the major part of the remaining economic life of the underlying asset; or • if the present value of the sum of the lease payments and any residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset. If none of the criteria listed above are met, the lease is classified as an operating lease. Currently, all of the Company’s leases are classified as operating leases, and we expect that the majority, if not all, of the leases will continue to be classified as operating leases based upon the typical lease terms. Reimbursements from tenants for recoverable real estate taxes and operating expenses that are fixed per the terms of the applicable lease agreements are recorded on a straight-line basis. The majority of lease agreements with tenants, however, provide for tenant reimbursements that are variable depending upon the applicable expenses incurred. These reimbursements are accrued as revenue in the period in which the applicable expenses are incurred. Certain assumptions and judgments are made in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursements. Both fixed and variable tenant reimbursements are recorded as Rental Income in the consolidated statements of operations. Historically, the Company had certain leases in which the tenant was responsible for property tax payments, but remitted funds directly to the Company. In accordance, with ASC 842, these property tax payments are recorded gross on the consolidated statement of operations. For new leases entered into in 2021 and going forward, the Company will be solely responsible for the property tax payments. Historically, the Company periodically reviewed the collectability of outstanding receivables. Following the adoption of ASC 842, lease receivables are reviewed continually to determine whether or not it is probable that we will realize substantially all remaining lease payments for each of our tenants (i.e., whether a tenant is deemed to be a credit risk). Additionally, the Company records a general reserve based on a review of operating lease receivables at a company level to ensure they are properly valued based on analysis of historical bad debt, outstanding balances, and the current economic climate. If it is not probable substantially all of the remaining lease payments from a tenant will be collected, revenue for that tenant is recorded on a cash basis (“cash-basis tenant”), including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. Recording lease income on an accrual basis will resume for cash-basis tenants once the Company believes the collection of rent for the remaining lease term is probable, which will generally be after a period of regular payments. Under ASC 842, the aforementioned adjustments as well as any reserve for disputed charges are recorded as a reduction of Rental Income on the consolidated statements of operations. As of December 31, 2021 and 2020, the reserve in accounts receivable for uncollectible amounts was $141,000 and $700,000, respectively. Revenue Recognition In addition to lease-related revenue, the Company also derives revenue from management agreements. Management agreements are accounted for within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) and are recorded as Management Income on the consolidated statements of operations. Management income is a single revenue stream. As a result of the COVID-19 pandemic, the Company transitioned certain leases to management agreements in 2020. Per these management agreements, the tenant operated the property on behalf of the Company and paid their operating expenses from gross parking revenue and was required to remit an agreed upon percentage of the remainder to the Company instead of base rent payments. Revenues from these properties are recorded as management income. During 2021, the Company reverted all management contracts back to leases. Due to the nature of the services being provided under our Management Agreements, the performance obligation has a variable component and is earned over time. We calculate the amount earned at the end of each month and amounts are due monthly. Immaterial Correction The Company discovered that the reimbursable property tax related to certain of its properties should have been recorded on a gross basis in the Statement of Operations. An adjustment has been made to the Consolidated Statements of Operations for the fiscal year ended December 31, 2020. Property taxes and rental revenue were both increased by $1.3 million to properly report property tax expense and tenant reimbursement of property tax expense on a gross basis in accordance with ASC 842. This correction had no effect on the reported results of operations. Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. The Company is required to make assessments as to the useful lives of the Company’s properties for purposes of determining the amount of depreciation to record on an annual basis with respect to the Company’s investments in real estate. These assessments have a direct impact on the Company’s net income because if the Company were to shorten the expected useful lives of the Company’s investments in real estate, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis. Stock-Based Compensation The Company records stock-based compensation expense according to the provisions of ASC Topic 718, Compensation – Stock Compensation. ASC Topic 718 requires all share-based payments to employees and nonemployees, to be recognized in the financial statements based on their fair values. Under the provisions of ASC Topic 718, the Company determines the appropriate fair value to be used for valuing share-based payments. The Company has a stock-based incentive award plan, which is accounted for under the guidance for share based payments. The expense for such awards will be included in general and administrative expenses and is recognized over the vesting period or when the requirements for exercise of the award have been met ( See Note F — Stock-Based Compensation Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when management determines that it is more likely than not that all or some portion of the deferred tax asset will not be realized. A full valuation allowance has been recorded for deferred tax assets due to the Company’s history of taxable losses. The Company uses a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolutions of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more likely than not of being realized upon ultimate settlement. The Company believes that its income tax filing positions and deductions would be sustained upon examination; thus, the Company has not recorded any uncertain tax positions as of December 31, 2021 and 2020. Per Share Data The Company calculates basic income (loss) per share by dividing net income (loss) for the period by weighted-average shares of its common stock outstanding for the respective period. Diluted income per share considers the effect of dilutive instruments, such as stock options, warrants, and convertible stock, but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. Non-controlling Interests Noncontrolling interests represent the portion of equity that we do not own in the entities we consolidate. The Company classifies noncontrolling interests within permanent equity on the Company’s consolidated balance sheets. On the face of the consolidated statements of operations, the Company discloses the amounts of net loss attributable to the parent and to the non-controlling interest. Reportable Segments Our principal business is the ownership and operation of parking facilities. We do not distinguish our principal business, or group our operations, by geography or size for purposes of measuring performance. Accordingly, we have presented our results as a single reportable segment. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note C — Commitments and Contingencies Litigation The nature of the Company’s business exposes our properties, the Company, the Operating Partnership and its other subsidiaries to the risk of claims and litigation in the normal course of business. Other than as noted below, or routine litigation arising out of the ordinary course of business, the Company is not presently subject to any material litigation nor, to its knowledge, is any material litigation threatened against the Company. The Company has previously disclosed pending class action legal proceedings facing the Company and the Former Advisor and/or Mr. Shustek prior to the completion of the Transaction. As a result of the Transaction, the Settlement Agreement (as defined in the Purchase Agreement) was entered into subject to completion of Color Up’s Tender Offer (as defined in the Purchase Agreement) for up to 900,506 shares of the Company’s outstanding Common Stock at $11.75 per share. Color Up launched the Tender Offer on October 5, 2021 and it expired on November 5, 2021. Upon the expiration of the Tender Offer, the terms of the Settlement Agreement were satisfied and the prior lawsuits settled. The Company has previously disclosed that the SEC was conducting an investigation relating to the Company. On March 11, 2021, the SEC notified the Company that they do not intend to recommend an enforcement action by the Commission against the Company. The SEC investigation also related to the conduct of the Company’s former chairman and chief executive officer, Michael V. Shustek. On July 29, 2021, the SEC filed a civil lawsuit against Michael V. Shustek and his advisory firm Vestin Mortgage LLC, alleging violations of the securities laws (Case 2-21-civ-01416-JCM-BNW, U.S. District Court, District of Nevada). The SEC seeks disgorgement, injunctions, and bars against Mr. Shustek, and related penalties. Pursuant to the Transaction, the Company is required to indemnify Mr. Shustek for certain claims related to the SEC investigation in an amount not to exceed $2 million. This liability was recognized by the Company upon the Closing and is included in indemnification liability. Effective as of the Closing, Mr. Shustek resigned as Chief Executive Officer and director of the Company. On August 25, 2021, the Company also entered into an Assignment of Claims, Causes of Action, and Proceeds Agreement, or the Assignment of Litigation Agreement, pursuant to which (i) the Company assigned to the Former Advisor all of the Company’s right, title, interest, and benefits, whether legal, equitable, or otherwise, in and to any and all of the claims and causes of action that the Company may have against certain parties and any amounts that may be recovered or awarded to the Former Advisor on such claims and (ii) the Former Advisor agreed to indemnify the Company against all liabilities in connection with the assignment. Environmental Matters Investments in real property create the potential for environmental liability on the part of the owner or operator of such real property. If hazardous substances are discovered on or emanating from a property, the owner or operator of the property may be held strictly liable for all costs and liabilities relating to such hazardous substances. The Company has obtained a Phase I environmental study (which involves inspection without soil sampling or ground water analysis) conducted by independent environmental consultants on each of the properties and, in certain instances, has conducted additional investigation, including a Phase II environmental assessment. Furthermore, the Company has adopted a policy of conducting a Phase I environmental study on each property acquired and any additional investigation as warranted. The Company believes that it complies, in all material respects, with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Furthermore, as of December 31, 2021, the Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations. The Company, however, cannot predict the impact of any unforeseen environmental contingencies or new or changed laws or regulations on properties in which the Company holds an interest, or on properties that may be acquired directly or indirectly in the future. |
Acquisitions and Dispositions o
Acquisitions and Dispositions of Investments in Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Dispositions of Investments in Real Estate | Note D – Acquisitions and Dispositions of Investments in Real Estate 2021 The following table is a summary of the parking asset acquisitions Summary Of The Parking Asset Acquisitions Property Location Date Acquired Property Type # Spaces Size / Acreage Retail Sq. Ft. Purchase Price 1W7 Carpark, LLC Cincinnati, OH 8/25/2021 Garage 765 1.21 18,385 $32,122,000 222 W7th Holdco, LLC Cincinnati, OH 8/25/2021 Garage 1,625 1.84 -- $28,314,000 322 Streeter Holdco, LLC Chicago, IL 8/25/2021 Garage 1,154 2.81 -- $38,483,000 2 nd Miami, FL 9/09/2021 Contract 118 N/A -- $3,253,000 Denver 1725 Champa Street Garage, LLC Denver, CO 11/03/2021 Garage 450 0.72 -- $16,274,000 The following table is a summary of the allocated acquisition Summary Of The Allocated Acquisition Value Assets Land and Improvements Building and improvements In-Place Lease Value Contract Value Total assets acquired 1W7 Carpark (a) $ 2,995,000 $ 28,819,000 $ 308,000 $ $ 32,122,000 222 W7th Holdco 4,391,000 23,923,000 -- -- 28,314,000 322 Streeter Holdco 11,387,000 27,096,000 -- -- 38,483,000 2 nd 93,000 -- -- 3,160,000 3,253,000 Denver 1725 Champa St 7,414,000 8,860,000 -- -- 16,274,000 $ 26,280,000 $ 88,698,000 $ 308,000 $ 3,160,000 $ 118,446,000 (a) The value of in-place lease assets and the 2 nd Street contract are included in intangible assets on the consolidated balance sheet. The life of the in-place lease at 1W7 is 5 years. The life of the contract at 2 nd Street is indefinite. There were no dispositions of investments in real estate or properties held for sale in 2021. 2020 On May 26, 2020, the Company sold a parking garage in San Jose, California for cash consideration of $4.1 million. The Company used $2.5 million of the proceeds to pay off the existing promissory note secured by the MVP San Jose 88 Garage, LLC. The property was originally purchased in June 2016 for approximately $3.6 million. The gain on sale was approximately $0.7 million, net of all closing costs. There were no acquisitions of investments in real estate or properties held for sale in 2020. |
Related Party Transactions and
Related Party Transactions and Arrangements | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Arrangements | Note E — Related Party Transactions and Arrangements 2021 Tender Offer On October 5, 2021, Color Up, LLC (“Purchaser”) initiated a Tender Offer (the “Offer”) to purchase up to 900,506 shares of common stock of the Company, at a price of $11.75 per share (the “Shares”). The Offer expired at 5:00 pm Eastern Time on November 5, 2021. A total of 878,082 Shares were validly tendered and not validly withdrawn pursuant to the Offer (the “Tendered Shares”), and the Purchaser accepted for purchase all such Tendered Shares. The Purchaser initiated payment of an aggregate of approximately $10.3 million to the Company stockholders participating in the Offer. Effective November 8, 2021, the Purchaser executed a subscription agreement with the Company pursuant to which the Purchaser acquired the remaining 22,424 Shares not purchased through the Offer at $11.75 per share. As a result of the Offer and the purchase of Shares pursuant to the subscription agreement, the Purchaser directly owns 2,624,831 shares (approximately 33.81%) of Company common stock as of November 8, 2021. In connection with the Offer, the Company’s Board of Directors agreed to reimburse Color Up for the fees and costs incurred in connection with the Offer. The Company paid approximately $0.1 million as reimbursement of such tender offer fees and expenses. Tax Matters Agreement On August 25, 2021, the Company, the Operating Partnership and Color Up entered into the Tax Matters Agreement, or the Tax Matters Agreement, pursuant to which the Operating Partnership agreed to indemnify Color Up and certain affiliates and transferees of Color Up, together, the Protected Partners, against certain adverse tax consequences in connection with (1) (i) a taxable disposition of certain specified properties and (ii) certain dispositions of the Protected Partners’ interest in the Operating Partnership, in each case, prior to the tenth anniversary of the completion of the Transaction (or earlier, if certain conditions are satisfied); and (2) the Operating Partnership’s failure to provide the Protected Partners the opportunity to guarantee a specified amount of debt of the Operating Partnership during the period ending on the tenth anniversary of the completion of the Transaction (or earlier, if certain conditions are satisfied). In addition, and for so long as the Protected Partners own at least 20% of the units in the Operating Partnership received in the Transaction, the Company agreed to use commercially reasonable efforts to provide the Protected Partners with similar guarantee opportunities. Securities Purchase Agreement On November 2, 2021, the Company, entered into a securities purchase agreement (the “Purchase Agreement”) by and among the Company, the Operating Partnership, and HSCP Strategic III, L.P., a Delaware limited partnership (“HS3”) affiliated with Purchaser, pursuant to which the Operating Partnership issued and sold to HS3(a) 1,702,128 newly issued common units of limited partnership of the Operating Partnership (“OP Units”); and (b) 425,532 newly-issued Class A units of limited partnership of the Operating Partnership (“Class A Units”) which entitle HS3 to purchase up to 425,532 additional OP Units (the “Additional OP Units”) at an exercise price equal to $11.75 per Additional OP Unit, subject to adjustment as provided in the Class A Unit Agreement, and HS3 paid to the Operating Partnership cash consideration of $20.0 million. The Company intends to use proceeds from the Purchase Agreement for working capital purposes, including expenses related to the Purchase Agreement and the acquisition of two parking lots and related assets. The Additional OP Units are available to be exercised only upon completion of a liquidity event, as defined in the Purchase Agreement. License Agreement On August 25, 2021, the Company entered into a Software License and Development Agreement, or the License Agreement, with an affiliate of Bombe, or the Supplier, pursuant to which the Company granted to the Supplier a limited, non-exclusive, non-transferable, worldwide right and license to access certain software and services for a fee of $5,000 per month. Other Matters Two of the Company’s Cincinnati assets, 1W7 Carpark and 222W7, are currently operated by PCA, Inc., dba Park Place Parking. Park Place Parking is a private parking operator that is wholly owned by relatives of the Company’s CEO. The Company’s Chief Executive Officer is neither an owner nor beneficiary of Park Place Parking. Park Place Parking has been operating these assets for four and three years, respectively. Both assets were acquired with their management agreements in place and at the same terms under which they were operating prior to the Transaction. As of December 31, 2021, Park Place Parking owed the Company approximately $121,000 which is included in accounts receivable on the consolidated balance sheet and has been paid in full as of filing date. The Company has an investment in MVP St. Louis Cardinal Lot, DST, a Delaware Statutory Trust (“MVP St. Louis”). Pursuant to the Closing, the Former Advisor and Mr. Shustek, were replaced as manager of MVP Parking, DST, LLC by Manuel Chavez. During 2021, VRMI and VRMII acquired $11.5 million of outstanding notes payable the Company had with various lenders. As of December 31, 2021, these notes payable are included in notes payable and paycheck protection program loan on the consolidated balance sheet and interest expense of $0.4 million included on consolidated statement of operations. 2020 Ownership of Company Stock As of December 31, 2020, MVP Capital Partners II, LLC, the former Sponsor, owned 9,108 shares, VRM II owned 1,084,960 shares and VRM I owned 616,834 shares of the Company’s outstanding Common Stock. No distributions were received by either entity during the year ended December 31, 2020 due to the suspension of the distributions. Ownership of the Former Advisor As of December 31, 2020, VRM I and VRM II owned 40% and 60%, respectively, of the former Advisor. Neither VRM I nor VRM II paid any up-front consideration for these ownership interests, but each agreed to be responsible for its proportionate share of future expenses of the former Advisor. On March 29, 2019, the Company entered into a Contribution Agreement (the “Contribution Agreement”) with the former Advisor, Vestin Realty Mortgage I, Inc. (“VRTA”) (solely for purposes of Section 1.01(c) thereof), Vestin Realty Mortgage II, Inc. (“VRTB”) (solely for purposes of Section 1.01(c) thereof) and Shustek (solely for purposes of Section 4.03 thereof). In exchange for the Contribution, the Company agreed to issue to the former Advisor 1,600,000 shares of Common Stock as consideration (the “Consideration”), issuable in four equal installments. The first three installments of 400,000 shares of Common Stock per installment were issued on April 1, 2019, December 31, 2019 and December 31, 2020, respectively. The remaining installment was due to be issued on December 31, 2021; however, pursuant to the Purchase Agreement, the Advisor agreed to surrender its claim to such shares. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note F — Stock-Based Compensation On October 14, 2020, the Compensation Committee of the Board of Directors of the Company approved the award of non-restricted shares to the Company’s four independent directors and to the Company’s former chief financial officer, J. Kevin Bland. Total stock-compensation expense for the year ended December 31, 2020 was approximately $144,000. The non-restricted shares were issued by the Company on March 1, 2021 at a price of $11.75 per share. This price equals the net asset value of the Company, which was approved by the Board of Directors. The shares awarded fully vested immediately upon issuance and these shares are not from the Company’s Long-Term Incentive Plan. No share-based compensation awards were granted during 2021. Long-Term Incentive Plan The Company’s board of directors has adopted a long-term incentive plan which the Company may use to attract and retain qualified directors, officers, employees and consultants. The Company’s long-term incentive plan will offer these individuals an opportunity to participate in the Company’s growth through awards in the form of, or based on, the Company’s common stock. The Company currently anticipates that it will not issue awards under the Company’s long-term incentive plan, although it may do so in the future, including possible equity grants to the Company’s independent directors as a form of compensation. The long-term incentive plan authorizes the granting of restricted stock, stock options, stock appreciation rights, restricted or deferred stock units, dividend equivalents, other stock-based awards and cash-based awards to directors, officers, employees and consultants of the Company and the Company’s affiliates selected by the board of directors for participation in the Company’s long-term incentive plan. Stock options granted under the long-term incentive plan will not exceed an amount equal to 10% of the outstanding shares of the Company’s common stock on the date of grant of any such stock options. Stock options may not have an exercise price that is less than the fair market value of a share of the Company’s common stock on the date of grant. The Company’s Board of Directors or a committee appointed by its Board of Directors will administer the long-term incentive plan, with sole authority to determine all of the terms and conditions of the awards, including whether the grant, vesting or settlement of awards may be subject to the attainment of one or more performance goals. No awards will be granted under the long-term incentive plan if the grant or vesting of the awards would jeopardize the Company’s status as a REIT under the Code or otherwise violate the ownership and transfer restrictions imposed under its charter. Unless otherwise determined by the Company’s Board of Directors, no award granted under the long-term incentive plan will be transferable except through the laws of descent and distribution. The Company has authorized and reserved an aggregate maximum number of 500,000 common shares for issuance under the long-term incentive plan. In the event of a transaction between the Company and its stockholders that causes the per-share value of the Company’s common stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering or large nonrecurring cash dividend), the share authorization limits under the long-term incentive plan will be adjusted proportionately and the Board of Directors will make such adjustments to the long-term incentive plan and awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. In the event of a stock split, a stock dividend or a combination or consolidation of the outstanding shares of common stock into a lesser number of shares, the authorization limits under the long-term incentive plan will automatically be adjusted proportionately and the shares then subject to each award will automatically be adjusted proportionately without any change in the aggregate purchase price. The Company’s Board of Directors may in its sole discretion at any time determine that all or a portion of a participant’s awards will become fully vested. The board may discriminate among participants or among awards in exercising such discretion. The long-term incentive plan will automatically expire on the tenth anniversary of the date on which it is approved by the Board of Directors and stockholders, unless extended or earlier terminated by the Board of Directors. The Company’s board of directors may terminate the long-term incentive plan at any time. The expiration or other termination of the long-term incentive plan will not, without the participant’s consent, have an adverse impact on any award that is outstanding at the time the long-term incentive plan expires or is terminated. The Board of Directors may amend the long-term incentive plan at any time, but no amendment will adversely affect any award without the participant’s consent and no amendment to the long-term incentive plan will be effective without the approval of the Company’s stockholders if such approval is required by any law, regulation or rule applicable to the long-term incentive plan. There are no awards outstanding under the long-term incentive plan. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note G – Intangible Assets A schedule of the Company’s intangible assets and related accumulated amortization and accretion for the years ended December 31, 2021 and 2020 is as follows: Schedule of Intangible Assets 2021 2020 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Value of in-place leases $ 2,398,000 $ 1,311,000 $ 1,960,000 $ 1,088,000 Value of lease commissions 152,000 82,000 147,000 61,000 Value of indefinite lived contract (1) 3,160,000 -- -- -- Value of technology 4,046,000 133,000 -- -- Total intangible assets $ 9,756,000 $ 1,526,000 $ 2,107,000 $ 1,149,000 (1) Indefinite-lived in-place contract includes the 2 nd Refer to Note D – Acquisitions and Dispositions of Investments in Real Estate. Amortization of the acquired in-place leases and lease commissions are included in depreciation in the accompanying consolidated statements of operations. Amortization expense associated with intangible assets totaled $244,000 and $356,000 for the years ended December 31, 2021 and 2020, respectively. A schedule of future amortization and accretion of acquired intangible assets for the years ended December 31, 2022 and thereafter is as follows: Schedule Of Future Amortization And Accretion Of Acquired Intangible Assets Years Ending December 31, Acquired in-place leases Lease commissions Technology 2022 $ 287,000 $ 22,000 $ 405,000 2023 287,000 22,000 405,000 2024 270,000 18,000 404,000 2025 156,000 7,000 404,000 2026 69,000 1,000 404,000 Thereafter 17,000 -- 1,891,000 $ 1,087,000 $ 70,000 $ 3,913,000 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Note H – Earnings (Loss) Per Share Basic and diluted loss per weighted average common share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Outstanding warrants were antidilutive as a result of the net loss for the year ended December 31, 2021 and therefore were excluded from the dilutive calculation. The Company did not have any additional dilutive shares resulting in basic loss per share equaling dilutive loss per share for the years ended December 31, 2021 and 2020. The following table reconciles the numerator and denominator used in computing the Company’s basic and diluted per-share amounts for net loss attributable to common stockholders for the years ended December 31, 2021 and 2020: Schedule of Earnings Per Share Basic and Diluted 2021 2020 Numerator: Net loss attributable to common stockholders $ 14,064,000 $ 26,474,000 Denominator: Basic and dilutive weighted average shares of Common Stock outstanding 7,741,192 7,329,045 Basic and diluted loss per weighted average common share: Basic and dilutive $ (1.82) $ (3.62) |
Notes Payable and Paycheck Prot
Notes Payable and Paycheck Protection Program Loan | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable and Paycheck Protection Program Loan | Note I — Notes Payable and Paycheck Protection Program Loan As of December 31, 2021 and 2020, the principal balances on notes payable Schedule of Notes Payable Property Monthly Payment Balance as of 12/31/21 Balance as of 12/31/20 Lender Term Interest Rate Loan Maturity 1W7 Carpark, LLC $19,000 $10,271,000 $0 Associated Bank 1 year Variable 5/1/2022 Corporate D&O Insurance (6) $38,000 $226,000 $299,000 MetaBank 1 Year 3.95% 7/31/2022 MVP Milwaukee Old World Interest Only $1,871,000 $771,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 MVP Wildwood NJ Lot, LLC Interest Only $1,000,000 $1,000,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 Minneapolis Venture Interest Only $4,000,000 $4,000,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 MVP Milwaukee Clybourn Interest Only $191,000 $191,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 MVP Clarksburg Lot Interest Only $476,000 $476,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 MCI 1372 Street Interest Only $574,000 $574,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 MVP Cincinnati Race Street, LLC Interest Only $3,450,000 $2,550,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 222W7th Holdco, LLC $15,000 $8,151,000 $0 Associated Bank 1 year Variable 10/1/2022 SBA PPP Loan $14,700 $328,000 $348,000 Small Business Administration 2 Year 1.00% 10/22/2022 MVP Milwaukee Wells, LLC (4) Interest Only $2,529,000 $2,700,000 LoanCore 1 Year Variable 12/9/2022 MVP Indianapolis City Park, LLC (4) Interest Only $6,744,000 $7,200,000 LoanCore 1 Year Variable 12/9/2022 MVP Indianapolis WA Street, LLC (4) Interest Only $3,185,000 $3,400,000 LoanCore 1 Year Variable 12/9/2022 MVP Raider Park Garage, LLC (4) Interest Only $6,931,000 $7,400,000 LoanCore 1 Year Variable 12/9/2022 MVP New Orleans Rampart, LLC (4) Interest Only $4,965,000 $5,300,000 LoanCore 1 Year Variable 12/9/2022 MVP Hawaii Marks Garage, LLC (4) Interest Only $12,646,000 $13,500,000 LoanCore 1 Year Variable 12/9/2022 MVP Memphis Poplar (3) Interest Only $1,800,000 $1,800,000 LoanCore 5 Year 5.38% 3/6/2024 MVP St. Louis (3) Interest Only $3,700,000 $3,700,000 LoanCore 5 Year 5.38% 3/6/2024 Mabley Place Garage, LLC $44,000 $7,817,000 $8,007,000 Barclays 10 year 4.25% 12/6/2024 322 Streeter Holdco LLC Interest Only $25,900,000 $0 American National Insurance Co. 5 year * 3.50% 3/1/2025 MVP Houston Saks Garage, LLC $20,000 $3,061,000 $3,164,000 Barclays Bank PLC 10 year 4.25% 8/6/2025 Minneapolis City Parking, LLC $29,000 $4,516,000 $4,659,000 American National Insurance, of NY 10 year 4.50% 5/1/2026 MVP Bridgeport Fairfield Garage, LLC $23,000 $3,782,000 $3,933,000 FBL Financial Group, Inc. 10 year 4.00% 8/1/2026 West 9 th $30,000 $4,632,000 $4,774,000 American National Insurance Co. 10 year 4.50% 11/1/2026 MVP Fort Worth Taylor, LLC $73,000 $11,523,000 $11,873,000 American National Insurance, of NY 10 year 4.50% 12/1/2026 MVP Detroit Center Garage, LLC $194,000 $28,323,000 $29,042,000 Bank of America 10 year 5.52% 2/1/2027 MVP Denver Sherman, LLC (1) $2,000 $270,000 $275,000 KeyBank 10 year * 4.90% 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) $12,000 $2,022,000 $2,069,000 KeyBank 10 year * 4.90% 5/1/2027 MVP Denver 1935 Sherman, LLC (1) $4,000 $719,000 $736,000 KeyBank 10 year * 4.90% 5/1/2027 MVP St. Louis Washington, LLC (1) $8,000 $1,303,000 $1,334,000 KeyBank 10 year * 4.90% 5/1/2027 St. Paul Holiday Garage, LLC (1) $24,000 $3,901,000 $3,992,000 KeyBank 10 year * 4.90% 5/1/2027 Cleveland Lincoln Garage, LLC (1) $23,000 $3,775,000 $3,863,000 KeyBank 10 year * 4.90% 5/1/2027 MVP Indianapolis Meridian Lot, LLC (2) Interest Only $938,000 $938,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 MVP Louisville Broadway Station, LLC (2) Interest Only $1,682,000 $1,682,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 MVP Whitefront Garage, LLC (2) Interest Only $6,454,000 $6,454,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 MVP Houston Preston Lot, LLC (2) Interest Only $1,627,000 $1,627,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 MVP Houston San Jacinto Lot, LLC (2) Interest Only $1,820,000 $1,820,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 St. Louis Broadway, LLC (2) Interest Only $1,671,000 $1,671,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 St. Louis Seventh & Cerre, LLC (2) Interest Only $2,058,000 $2,057,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 St Louis Cardinal Lot DST, LLC (7) Interest Only $6,000,000 $0 Cantor Commercial Real Estate 10 year 5.25% 5/31/2027 MVP Preferred Parking, LLC Interest Only $11,330,000 $11,330,000 Key Bank 10 year * * 5.02% 8/1/2027 Less unamortized loan issuance costs (1,009,000) (1,165,000) $207,153,000 $159,344,000 (1) The Company issued a promissory note to KeyBank for $12.7 million secured by a pool of properties, including (i) MVP Denver Sherman, LLC, (ii) MVP Denver 1935 Sherman, LLC, (iii) MVP Milwaukee Arena, LLC, (iv) MVP St. Louis Washington, LLC, (v) St. Paul Holiday Garage, LLC and (vi) Cleveland Lincoln Garage, LLC. (2) The Company issued a promissory note to Cantor Commercial Real Estate Lending, L.P. (“CCRE”) for $16.25 million secured by a pool of properties, including (i) MVP Indianapolis Meridian Lot, LLC, (ii) MVP Louisville Station Broadway, LLC, (iii) MVP White Front Garage Partners, LLC, (iv) MVP Houston Preston Lot, LLC, (v) MVP Houston San Jacinto Lot, LLC, (vi) St. Louis Broadway Group, LLC, and (vii) St. Louis Seventh & Cerre, LLC. (3) On February 8, 2019, subsidiaries of the Company, consisting of MVP PF St. Louis 2013, LLC (“MVP St. Louis”), and MVP PF Memphis Poplar 2013 (“MVP Memphis Poplar”), LLC entered into a loan agreement, dated as of February 8, 2019, with LoanCore Capital Credit REIT LLC (“LoanCore”). Under the terms of the Loan Agreement, LoanCore agreed to loan MVP St. Louis and MVP Memphis Poplar $5.5 million to repay and discharge the outstanding KeyBank loan agreement. The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by MVP St. Louis and MVP Memphis Poplar. (4) On November 30, 2018, subsidiaries of the Company, consisting of MVP Hawaii Marks Garage, LLC, MVP Indianapolis City Park Garage, LLC, MVP Indianapolis Washington Street Lot, LLC, MVP New Orleans Rampart, LLC, MVP Raider Park Garage, LLC, and MVP Milwaukee Wells LLC (the “Borrowers”) entered into a loan agreement, dated as of November 30, 2018 (the “Loan Agreement”), with LoanCore Capital Credit REIT LLC (the “LoanCore”). Under the terms of the Loan Agreement, LoanCore agreed to loan the Borrowers $39.5 million to repay and discharge the outstanding KeyBank Revolving Credit Facility. On July 9, 2020, the Company entered into a loan modification agreement with LoanCore Capital Credit REIT, LLC for the following notes payable: (i) MVP Raider Park Garage, LLC, (ii) MVP New Orleans Rampart, LLC, (iii) MVP Hawaii Marks Garage, LLC, (iv) MVP Milwaukee Wells, LLC, (v) MVP Indianapolis City Park, LLC, (vi) MVP Indianapolis WA Street, LLC. The Agreement defers a portion of the required monthly interest payments from June 2020 through November 2020 and reduces the LIBOR Floor from 1.95% to 0.50%, the Modified LIBOR Floor. In December 2020, this loan reverted back to normal payment terms. On December 8, 2020, the Company, as guarantor, entered into the Second Amendment to Loan Agreement and Loan Documents (the “Second Amendment”). Pursuant to the Second Amendment, the Borrowers were granted the option to extend the maturity date of the Loan for two one-year periods upon the satisfaction of certain conditions, payment of certain amounts due under the Loan Agreement and, in connection with the Borrowers’ exercise of their option with respect to the first extension period, delivery by the Company of a partial payment guaranty. On December 8, 2020, the Borrowers exercised their option to extend the term of the Loan to December 9, 2022 and the Company delivered a $5.0 million partial payment guaranty. On August 25, 2021, pursuant to the closing of the Color Up/Bombe Transaction, the Company made a $2.5 million principal payment. (5) During 2021, pursuant to the Purchase Agreement, the Company requested and received a $1,200,000 loan from Color Up, LLC the Purchaser under the Purchase Agreement, evidenced by a convertible promissory note. In connection with the closing of the Transaction, the principal then outstanding and all accrued and unpaid interest was converted into limited partner interests of the Operating Partnership. This note was settled on August 25, 2021 at the Closing of the Transaction. (6) On September 30, 2021, the Company entered into a loan with Meta Bank to finance $337,500 of the Directors & Officers insurance policy premium. The loan matures on July 31, 2022. (7) Pursuant to the Closing of the Transaction, the Company recorded the $6.0 million loan with Cantor Commercial Real Estate upon the consolidation of its investment in MVP St. Louis Cardinal Lot, DST. Company recorded the $6.0 million loan with Cantor Commercial Real Estate upon the consolidation of its investment in MVP St. Louis Cardinal Lot, DST. See Note K for further information. * 2 Year Interest Only ** 10 Year Interest Only Total interest expense incurred for the years ended December 31, 2021 and 2020 was approximately $9.2 million and $8.5 million, respectively. Total loan amortization cost for the years ended December 31, 2021 and 2020 was approximately $0.3 million and $0.8 million, respectively. Additionally, $0.8 million and $0.9 million of notes payable were included in accounts payable and accrued expenses on the consolidated balance sheet as of December 31, 2021 and 2020, respectively. As of December 31, 2021, future principal payments Future Principal Payments 2022 $ 69,807,000 2023 2,499,000 2024 15,282,000 2025 31,012,000 2026 22,630,000 Thereafter 66,932,000 Less unamortized loan issuance costs (1,009,000) Total $ 207,153,000 The following table shows notes payable settled or paid in full during the years ended December 31, 2021 and 2020: Notes Payable Paid In Full Loan Original Debt Amount Monthly Payment Balance as of 12/31/2021 Balance as of 12/31/20 Lender Term Interest Rate Loan Maturity Paid in 2021 Corporate D&O Insurance $1,185,000 $150,000 -- $299,000 MetaBank 1 Year 3.60% 02/28/2021 SBA PPP Loan (1) $348,000 $14,700 -- $348,000 Small Business Administration 2 Year 1.00% 10/22/2022 Color Up, LLC $1,200,000 N/A -- -- Color Up, LLC 7 months 7.00% 12/31/2021 Paid in 2020 MVP San Jose 88 Garage, LLC $1,645,000 Interest Only -- -- Multiple 1 Year 7.50% 6/30/2020 The Parking REIT D&O Insurance $1,681,000 $171,000 -- -- MetaBank 1 Year 8.00% 4/30/2020 (1) – Full amount of loan forgiven during May 2021. Reserve funds are generally required for repairs and replacements, real estate taxes, and insurance premiums. Some notes contain various terms and conditions including debt service coverage ratios and debt yield limits. Borrowers for seven of the Company’s loans totaling $96.0 million and two loans totaling $47.5 million failed to meet loan covenants as of December 31, 2021 and 2020, respectively. As a result, these borrowers are subject to additional cash management procedures, which resulted in approximately $359,000 and $79,000 of restricted cash at December 31, 2021 and 2020, respectively. In order to exit these procedures, certain debt service coverage ratios or debt yield tests must be exceeded for two consecutive quarters to return to less restrictive cash management procedures. During 2020, the Company and the lenders modified loan agreements to defer or cancel payments into repair and replacement reserves commencing between April 2020 and August 2020 and lasting three to six months. At December 31, 2021 and 2020, the Company had $0 and $172,000 in deferred repair and maintenance reserve payments, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note J — Fair Value A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, and accounts payable. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. The estimated fair value of the Company’s debt was approximately $161.2 million and $210.4 million as of December 31, 2021 and 2020, respectively, which is considered a Level 2 measurement. Our real estate assets are measured and recognized at fair value, less costs to sell held-for-sale properties, on a nonrecurring basis dependent upon when we determine an impairment has occurred. During the year ended December 31, 2020, the Company impaired assets that had operational impairment indicators. Management used an independent third-party to determine the fair value primarily using the income capitalization approach based on the contracted rent to be received from the operator or the sales comparison approach. The income capitalization approach reflects the property’s income-producing capabilities based on the assumption that value is created by the expectation of benefits to be derived in the future. The sales comparison approach utilizes sales of comparable properties, adjusted for differences, to indicate value. These methods are considered Level 2 measurements in the hierarchy. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note K – Variable Interest Entities The Company, through a wholly owned subsidiary of the Operating Partnership, owns a 51.0% beneficial interest in MVP St. Louis Cardinal Lot DST, a Delaware statutory trust (“MVP St. Louis”). MVP St. Louis is the owner of a 2.56-acre, 376-vehicle commercial parking lot, known as the Cardinal Lot (the “Property”). At the time of the initial investment, the Company conducted an analysis and concluded that the 51% investment in the DST should not be consolidated, as the Company was not the primary beneficiary because the power to direct the activities that most significantly impact the economic performance of MVP St. Louis was held by MVP Parking DST, LLC (the “Manager”) and certain subsidiaries of the Manager. The investment in MVP St. Louis was accounted for using the equity method of accounting through August 25, 2021. In connection with the Closing, the Former Advisor transferred ownership of the Manager to Manuel Chavez, the Chief Executive Officer of the Company. This change in structure was deemed a reconsideration event and therefore the Company reevaluated whether it had control. Based on the Company's evaluation, the Company began consolidating the investment in MVP St. Louis and MVP St. Louis Cardinal Lot Master Tenant, LLC, which had total assets and liabilities of approximately $12.0 million and approximately $6.2 million, respectively, as of August 25, 2021. These assets and liabilities were recorded at fair value as of the date of consolidation, and a gain of $360,000 was recognized in the Statement of Operations. Amounts related to MVP St. Louis included in the consolidated balance sheet are as follows: Equity Method Investments - MVP St. Louis December 31, 2021 ASSETS (Unaudited) Investments in real estate $ 11,809,000 Cash 22,000 Cash – restricted 153,000 Accounts receivable 50,000 Prepaid expenses 13,000 Total assets $ 12,047,000 LIABILITIES Notes payable $ 5,961,000 Accounts payable and accrued liabilities 48,000 Due to related party 193,000 Total liabilities $ 6,202,000 Summarized Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments For the year ended December 31, 2021 For the year ended December 31, 2020 Revenue $ 488,000 $ 668,000 Expenses (434,000) (788,000) Net income (loss) $ 54,000 $ (120,000) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Note L – Leases Lessee The Company executed a lease agreement for its former office space at 9130 W. Post Rd., Suite 200, Las Vegas, NV 89148 with a commencement date of January 10, 2020. The lease had a ten-year term with an annual payment of $180,480 per annum during the lease term. The lease is accounted for as an operating lease under ASU 2016-02, Leases – (Topic 842). The Company recognized approximately $176,000 and $112,000 of operating lease expense during the years ended December 31, 2021 and 2020, respectively. This expense is included in general and administrative expense. Lessor The Company accounts for rental income and percentage rent income in accordance with ASC 842 - Leases. The majority of the Company’s leases are largely similar and the lease agreements generally contain similar provisions and features, without substantial variations. All leases are currently classified as operating leases. The following table summarizes the components of lease revenue recognized during the years ended December 31, 2021 and 2020 included within the Company's Consolidated Statements of Operations: Lease Revenue Year Ended December 31, Lease revenue 2021 2020 Fixed contractual payments $ 9,154,000 $ 8,908,000 Variable lease payments 6,939,000 5,386,000 Straight-line rental income 135,000 188,000 Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of December 31, 2021, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows: Future Lease Payments Due Years Ending December 31, Future lease payments due 2022 $ 5,700,000 2023 5,093,000 2024 4,355,000 2025 3,337,000 2026 2,480,000 Thereafter 415,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Income Taxes | Note M — Income Taxes The Company previously elected to be taxed as a REIT for federal income tax purposes and operated in a manner that allowed the Company to qualify as a REIT through December 31, 2019. As a consequence of the COVID-19 pandemic, the Company earned income from a number of distressed tenants that did not constitute qualifying REIT income for purposes of the annual REIT gross income tests, and, as a result, the Company was not in compliance with the annual REIT income tests for the year ended December 31, 2020. Accordingly, the Company did not qualify for taxation as a REIT in 2020 and has been taxed as a C corporation beginning with its 2020 taxable year. As a C corporation, the Company is subject to federal income tax on its taxable income at regular corporate rates. A full valuation allowance for deferred tax assets was historically provided each year since the Company believed that as a REIT it was more likely than not that it would not realize the benefits of its deferred tax assets. As a taxable C Corporation, the Company has evaluated its deferred tax assets for the year ended December 31, 2021, which consist primarily of net operating losses and its investment in the Operating Partnership (as a result of the Closing). Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2021. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. Due to the ongoing impact to the Company of the COVID-19 pandemic to the Company, the Company has determined that it will continue to record a full valuation allowance against its deferred tax assets for the year ended December 31, 2021. A change in circumstances may cause the Company to change its judgment about whether deferred tax assets should be recorded, and further whether any such assets would more likely than not be realized. The Company would generally report any change in the valuation allowance through its income statement in the period in which such changes in circumstances occur. The provision for income taxes for the years ended December 31, 2021, and 2020 consisted of the following, which is included in general and administrative expense on the consolidated statement of operations: Schedule of Components of Income Tax Expense Benefit 2021 2020 Current Federal -- -- State $30,749 -- Total Current $30,749 -- Deferred Federal -- -- State -- -- Total Deferred -- -- Total $30,749 -- The following table presents a reconciliation of the statutory corporate U.S. federal income tax rate to the Company’s effective tax rate as of December 31, 2021: Schedule of Effective Income Tax Rate Reconciliation 2021 2020 Tax at U.S. statutory rate 21.00% 21.00% State taxes, net of federal effect 5.16% 5.10% Non-Deductible Expenses 0.64% 0.01% Revaluation of deferred tax assets/liabilities -- 76.09% Change in Valuation Allowance -27.08% -102.30% Effective income tax rate -- -- The balances for deferred taxes for the years ended December 31, 2021, and 2020 consisted of the following: Schedule of Deferred Tax Assets and Liabilities Year Ended December 31, 2021 2020 Deferred Tax Assets: NOL Carryforward $11,307,270 $9,183,471 Real Estate Investments -- $6,478,695 Intangible Assets -- $9,286,082 Prepaid Rent -- $36,616 Investment in Operating Partnership $16,236,475 -- Gross deferred tax assets $27,543,746 $24,985,134 Less valuation allowance $(27,543,746) $(24,601,466) Total deferred tax assets -- $383,668 Deferred Tax Liabilities: Straight-line Rent -- $(383,668) Total deferred tax liabilities -- $(383,668) Total net deferred taxes -- -- |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity | Note N — Equity Series A Preferred Stock On November 1, 2016, the Company commenced an offering of up to $50 million in shares of the Company’s Series A Convertible Redeemable Preferred Stock (“Series A Preferred Stock”), par value $0.0001 per share, together with warrants to acquire the Company’s Common Stock, in a Regulation D 506(c) private placement to accredited investors The Company closed the offering on March 24, 2017 and raised approximately $2.5 million, net of offering costs, in the Series A private placements. The holders of the Series A Preferred Stock are entitled to receive, when and as authorized by the Board of Directors and declared by the Company out of funds legally available for the payment of dividends, cash dividends at the rate of 5.75% per annum of the initial stated value of $1,000 per share. Since a Listing Event, as defined in the charter, did not occur by March 31, 2018, the cash dividend rate has been increased to 7.50%, until a Listing Event at which time, the annual dividend rate will be reduced to 5.75% of the Stated Value. Each investor in the Series A offering received, for every $1,000 in shares subscribed by such investor, detachable warrants to purchase 30 shares of the Company’s Common Stock if the Company’s Common Stock is listed on a national securities exchange. The warrants’ exercise price is equal to 110% of the volume weighted average closing stock price of the Company’s Common Stock over a specified period as determined in accordance with the terms of the warrant; however, in no event shall the exercise price be less than $25 per share. If a Listing Event does not occur on or prior to the fifth anniversary of the final closing date of the Series A offering, the outstanding warrants expire automatically on such anniversary date without being exercisable by the holders thereof. If a Listing Event does occur on or before March 24, 2022, the five-year anniversary date, these warrants will then expire five years from the 90th day after the occurrence of a Listing Event. The Company engaged a third-party expert to value these warrants and the estimated value as of December 31, 2021 is immaterial. As of December 31, 2021, there were detachable warrants that could be exercised for 84,510 shares of the Company’s Common Stock, if a Listing Event occurs on or before March 22, 2022, after the 90th day following the occurrence of a Listing Event. If all the potential warrants outstanding at December 31, 2021 became exercisable because of a Listing Event and were exercised at the minimum price of $25 per share, gross proceeds to the Company would be approximately $2.1 million and the Company would as a result issue an additional 84,510 shares of common stock. On March 24, 2020, the Company’s Board of Directors unanimously authorized the suspension of the payment of distributions on the Series A Preferred Stock; however, such distributions will continue to accrue in accordance with the terms of the Series A Preferred Stock. Since initial issuance, the Company had declared distributions of approximately $990,000 of which approximately $597,000 had been paid to Series A stockholders. As of December 31, 2021 and 2020, approximately $393,000 and $178,000 of Series A Preferred Stock distributions that were accrued and unpaid, respectively, are included in accounts payable and accrued expenses on the consolidated balance sheet. Series 1 Preferred Stock On March 29, 2017, the Company filed with the State Department of Assessments and Taxation of Maryland Articles Supplementary to the charter of the Company classifying and designating 97,000 shares of its authorized capital stock as shares of Series 1 Convertible Redeemable Preferred Stock (“Series 1 Preferred Stock”), par value $0.0001 per share. On April 7, 2017, the Company commenced the Regulation D 506(b) private placement of shares of Series 1 Preferred Stock, together with warrants to acquire the Company’s Common Stock, to accredited investors. The holders of the Series 1 Preferred Stock are entitled to receive, when and as authorized by the Company’s Board of Directors and declared by us out of legally available funds, cumulative, cash dividends on each Share at an annual rate of 5.50% of the Stated Value pari passu with the dividend preference of the Series A Preferred Stock and in preference to any payment of any dividend on the Company’s Common Stock; provided that since a Listing Event has not occurred by April 7, 2018, the annual dividend rate on all Series 1 Preferred Stock shares has been increased to 7.00% of the Stated Value until the occurrence of a Listing Event, at which time, the annual dividend rate will be reduced to 5.50% of the Stated Value. Based on the number of Series 1 Preferred Stock shares outstanding at December 31, 2021, the increased dividend rate costs the Company approximately $150,000 more per quarter in Series 1 dividends. Each investor in the Series 1 offering received, for every $1,000 in shares subscribed by such investor, detachable warrants to purchase 35 shares of the Company’s Common Stock if the Company’s Common Stock is listed on a national securities exchange. The warrants’ exercise price is equal to 110% of the volume weighted average closing stock price of the Company’s Common Stock over a specified period as determined in accordance with the terms of the warrant; however, in no event shall the exercise price be less than $25 per share. If a Listing Event does not occur on or prior to the fifth anniversary of the final closing date of the Series 1 offering, the outstanding warrants expire automatically on such anniversary date without being exercisable by the holders thereof. If a Listing Event does occur on or before January 31, 2023, the five-year anniversary date, these warrants will then expire five years from the 90th day after the occurrence of a Listing Event. The Company engaged a third-party expert to value these warrants and the estimated value as of December 31, 2021 is immaterial. As of December 31, 2021, there were detachable warrants that may be exercised for 1,382,675 shares of the Company’s Common Stock after the 90th day following the occurrence of a Listing Event. If all the potential warrants outstanding at December 31, 2021 became exercisable because of a Listing Event and were exercised at the minimum price of $25 per share, gross proceeds to the Company would be approximately $34.6 million and as a result the Company would issue an additional 1,382,675 shares of Common Stock. On March 24, 2020, the Company’s Board of Directors unanimously authorized the suspension of the payment of distributions on the Series 1 Preferred Stock, however, such distributions will continue to accrue in accordance with the terms of the Series 1 Preferred Stock. Since initial issuance, the Company had declared distributions of approximately $11.5 million of which approximately $6.4 million had been paid to Series 1 Preferred Stock stockholders. As of December 31, 2021 and 2020, approximately $5.1 million and $2.3 million of Series 1 Preferred Stock distributions that were accrued and unpaid, respectively, are included in accounts payable and accrued expenses on the consolidated balance sheet. Warrants On August 25, 2021, in connection with the Closing, the Company entered into a warrant agreement (the “Warrant Agreement”) pursuant to which it issued to the Purchaser to purchase up to 1,702,128 shares of Common Stock, at an exercise price of $11.75 per share for an aggregate cash purchase price of up to $20.0 million (the “Common Stock Warrants”). Each whole Common Stock Warrant entitles the registered holder thereof to purchase one whole share of Common Stock at a price of $11.75 per share (the “Warrant Price”), subject to customary adjustments, at any time following a “Liquidity Event,” which is defined as an initial public offering and/or Listing of the Common Stock on the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange. The Common Stock Warrants will expire five years after the date of the Warrant Agreement. The Company assesses its warrants as either equity or a liability based upon the characteristics and provisions of each instrument. Warrants classified as equity are recorded at fair value as of the date of issuance on the Company’s balance sheet and no further adjustments to their valuation are made. Management estimates the fair value of these warrants using option pricing models and assumptions that are based on the individual characteristics of the warrants or other instruments on the valuation date, as well as assumptions for future financings, expected volatility, expected life, yield and risk-free interest rate. As of December 31, 2021, all outstanding warrants issued by the Company were classified as equity. Tender Offer On October 5, 2021, Color Up, LLC (“Purchaser”) initiated a Tender Offer (the “Offer”) to purchase up to 900,506 shares of Common Stock of the Company, at a price of $11.75 per share (the “Shares”). The Offer expired at 5:00 pm Eastern Time on November 5, 2021. A total of 878,082 Shares were validly tendered and not validly withdrawn pursuant to the Offer (the “Tendered Shares”), and the Purchaser accepted for purchase all such Tendered Shares. The Purchaser initiated payment of an aggregate of approximately $10.3 million to the Company stockholders participating in the Offer. Effective November 8, 2021, the Purchaser executed a subscription agreement with the Company pursuant to which the Purchaser acquired the remaining 22,424 Shares not purchased through the Offer at $11.75 per share. Securities Purchase Agreement On November 2, 2021, the Company, entered into a securities purchase agreement (the “Purchase Agreement”) by and among the Company, the Operating Partnership, and HSCP Strategic III, L.P., a Delaware limited partnership (“HS3”) affiliated with Purchaser, pursuant to which the Operating Partnership issued and sold to HS3(a) 1,702,128 newly issued common units of limited partnership of the Operating Partnership (“OP Units”); and (b) 425,532 newly-issued Class A units of limited partnership of the Operating Partnership (“Class A Units”) which entitle HS3 to purchase up to 425,532 additional OP Units (the “Additional OP Units”) at an exercise price equal to $11.75 per Additional OP Unit, subject to adjustment as provided in the Class A Unit Agreement, and HS3 paid to the Operating Partnership cash consideration of $20.0 million. The Company used proceeds from the Purchase Agreement for working capital purposes, including expenses related to the Purchase Agreement and the acquisition of two parking lots and related assets. The Additional OP Units are available to be exercised only upon completion of a liquidity event, as defined in the Purchase Agreement. Convertible Noncontrolling Interests As of December 31, 2021, the Operating Partnership (“OP”) had approximately 17.0 million OP units outstanding. Under the terms of the Third Amended and Restated Limited Partnership Agreement, OP Unit holders may elect to exchange OP Units for shares of the Company’s Common Stock upon completion of a liquidity event. The OP Units outstanding as of December 31, 2021 are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. There were no outstanding convertible OP Units as of December 31, 2020. Dividend Reinvestment Plan The Dividend Reinvestment Plan (“DRIP”) allows stockholders to invest distributions in additional shares of our Common Stock, subject to certain limits. Stockholders who elect to participate in the DRIP may choose to invest all or a portion of their cash distributions in shares of our Common Stock at a price equal to our most recent estimated value per share. On March 22, 2018 the Company suspended payment of distributions and as such there are currently no distributions to invest in the DRIP. Share Repurchase Program On May 29, 2018, the Company’s Board of Directors suspended the Share Repurchase Program, other than for hardship repurchases in connection with a shareholder’s death. Repurchase requests made in connection with the death of a stockholder were repurchased at a price per share equal to 100% of the amount the stockholder paid for each share, or once the Company had established an estimated NAV per share, 100% of such amount as determined by the Company’s Board of Directors, subject to any special distributions previously made to the Company’s stockholders. The Company did not repurchase shares of Common Stock pursuant to the hardship exception under this program during the year ended December 31, 2021. As of December 31, 2021, 48,318 shares have been redeemed of which 33,232 shares were hardship repurchases. On March 24, 2020, the Board of Directors suspended all repurchases, even in the case of a shareholder’s death. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Note O — Employee Benefit Plan Effective July 1, 2019, the Company began participating in 401(k) Safe Harbor Plan (the “Plan”), which is a defined contribution plan covering all eligible employees. Under the provisions of the Plan, participants may direct the Company to defer a portion of their compensation to the Plan, subject to limitations in the Code. The Company provides for an employer matching contribution equal to 100% of the first % of eligible compensation contributed by each employee, which is funded in cash. All contributions vest immediately. Total expense recorded for the matching 401(k) contribution in the years ended December 31, 2021 and 2020 was approximately $46,000 and $34,000, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note P — Subsequent Events On March 29, 2022, the Company, Operating Partnership and the other subsidiary borrowers party thereto entered into a Credit Agreement (the “Credit Agreement”) with KeyBanc Capital Markets, as lead arranger, and KeyBank, National Association, as administrative agent. Capitalized terms used but not defined herein have the meanings ascribed thereto in the Credit Agreement. The Credit Agreement refinances certain of the Company’s current loan agreements for various properties. The Credit Agreement will provide for, among other things, a $75,000,000 revolving credit facility, maturing on April 1, 2023 . Credit Agreement may be extended to October 1, 2023 if no event of default is in existence upon receipt of written request 120 – 60 days prior to maturity date and payment of an extension fee pursuant to the terms of the Credit Agreement (the “Revolving Facility”). The Revolving Facility may be increased by up to an additional $75,000,000 provided that no event of default has occurred and is continuing and certain other conditions are satisfied. Borrowings under the Revolving Facility bear interest at a SOFR benchmark rate or Alternate Base Rate, plus a margin of between 1.75% and 2.25%, with respect to SOFR loans, or 0.75% to 1.25%, with respect to base rate loans, based on the Company’s leverage ratio as calculated under the Credit Agreement. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Schedule III - Real Estate and Accumulated Depreciation Schedule III - Schedule of Real Estate and Accumulated Depreciation By Property SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2021 Initial Cost Costs Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2021 (3) Description ST Encumbrance Land Buildings and Improvements Improvements Carrying Costs Land Building and Improvements Total Accumulated Depreciation (1) Date Acquired Life on which depr in latest statement is computed West 9th Street (2) OH $ 4,632,000 $ 5,675,000 $ -- $ 170,000 $ -- $ 5,844,000 $ $ 5,844,000 $ 47,000 2016 15 Crown Colony (2) OH -- 3,030,000 -- 18,000 -- 2,954,000 2,954,000 6,000 2016 15 MCI 1372 Street OH 574,000 700,000 -- -- -- 700,000 700,000 -- 2016 N/A Cincinnati Race Street OH 3,450,000 2,142,000 2,358,000 1,848,000 -- 1,904,000 3,944,000 5,848,000 767,000 2016 39,15 St Louis Washington MO 1,303,000 3,000,000 -- 7,000 -- 1,637,000 1,637,000 2,000 2016 15 St Paul Holiday Garage MN 3,901,000 1,673,000 6,527,000 277,000 -- 1,673,000 6,804,000 8,477,000 955,000 2016 39,15 Louisville Station KY 1,682,000 3,050,000 -- 57,000 -- 3,007,000 3,007,000 18,000 2016 15 Whitefront Garage TN 6,454,000 3,116,000 8,380,000 176,000 -- 3,116,000 8,556,000 11,672,000 1,180,000 2016 39,15 Cleveland Lincoln Garage OH 3,775,000 2,195,000 5,122,000 5,040,000 -- 1,378,000 8,256,000 9,634,000 1,370,000 2016 39,15 Houston Preston TX 1,627,000 2,800,000 -- 20,000 -- 2,820,000 -- 2,820,000 6,000 2016 15 Houston San Jacinto TX 1,820,000 3,200,000 -- 50,000 -- 3,250,000 -- 3,250,000 15,000 2016 15 MVP Detroit Center Garage MI 28,323,000 7,000,000 48,000,000 743,000 -- 7,000,000 48,743,000 55,743,000 6,223,000 2017 39,15 St. Louis Broadway MO 1,671,000 2,400,000 -- -- -- 2,400,000 -- 2,400,000 -- 2017 N/A St. Louis Seventh & Cerre MO 2,058,000 3,300,000 -- -- -- 3,300,000 -- 3,300,000 -- 2017 N/A MVP Preferred Parking TX 11,330,000 15,800,000 4,700,000 719,000 -- 15,230,000 5,250,000 20,480,000 693,000 2017 39,15 MVP Raider Park Garage TX 6,931,000 2,005,000 9,057,000 2,593,000 -- 2,005,000 11,651,000 13,656,000 1,324,000 2017 39,15 MVP PF Memphis Poplar 2013 TN 1,800,000 3,658,000 -- 13,000 -- 3,671,000 -- 3,671,000 13,000 2017 15 MVP PF St. Louis 2013 MO 3,700,000 5,041,000 -- -- -- 5,042,000 -- 5,042,000 29,000 2017 15 Mabley Place Garage OH 7,817,000 1,585,000 19,018,000 142,000 -- 1,360,000 16,385,000 17,745,000 1,898,000 2017 39,15 MVP Denver Sherman CO 270,000 705,000 -- -- -- 705,000 -- 705,000 -- 2017 N/A MVP Fort Worth Taylor TX 11,523,000 2,845,000 24,405,000 5,000 -- 2,845,000 24,410,000 27,255,000 2,543,000 2017 39,15 MVP Milwaukee Old World WI 1,871,000 2,003,000 -- -- 2,003,000 -- 2,003,000 19,000 2017 15 MVP Houston Saks Garage TX 3,061,000 4,931,000 5,221,000 33,000 -- 3,713,000 4,049,000 7,762,000 509,000 2017 39,15 MVP Milwaukee Wells WI 2,529,000 4,994,000 -- -- -- 4,374,000 -- 4,374,000 67,000 2017 15 MVP Wildwood NJ Lot NJ 1,000,000 1,631,000 -- -- -- 696,000 -- 696,000 -- 2017 N/A MVP Indianapolis City Park IN 6,744,000 2,056,000 8,557,000 114,000 -- 2,056,000 8,672,000 10,728,000 916,000 2017 39,15 MVP Indianapolis WA Street Lot IN 3,185,000 5,618,000 -- -- -- 5,617,000 -- 5,617,000 21,000 2017 15 MVP Minneapolis Venture MN 4,000,000 4,013,000 -- -- -- 4,013,000 -- 4,013,000 -- 2017 N/A MVP Indianapolis Meridian Lot IN 938,000 1,573,000 -- -- -- 1,523,000 -- 1,523,000 6,000 2017 15 MVP Milwaukee Clybourn WI 191,000 257,000 -- -- -- 256,000 -- 256,000 3,000 2017 15 MVP Milwaukee Arena WI 2,022,000 4,631,000 -- -- -- 4,631,000 -- 4,631,000 -- 2017 N/A MVP Clarksburg Lot WV 476,000 701,000 -- -- -- 611,000 -- 611,000 2,000 2017 15 MVP Denver 1935 Sherman CO 719,000 2,533,000 -- -- -- 2,533,000 -- 2,533,000 -- 2017 N/A MVP Bridgeport Fairfield Garage CT 3,782,000 498,000 7,555,000 12,000 -- 498,000 7,567,000 8,065,000 823,000 2017 39,15 Minneapolis City Parking MN 4,516,000 9,633,000 -- -- -- 7,513,000 -- 7,513,000 80,000 2017 15 MVP New Orleans Rampart LA 4,965,000 8,105,000 -- -- -- 7,835,000 -- 7,835,000 -- 2018 N/A MVP Hawaii Marks HI 12,646,000 9,119,000 11,715,000 368,000 -- 8,571,000 11,381,000 19,952,000 1,095,000 2018 39,15 1W7 Carpark OH 10,271,000 2,995,000 28,813,000 -- -- 2,995,000 28,813,000 31,808,000 245,000 2021 39, 15 222W7 OH 8,151,000 4,391,000 23,923,000 -- -- 4,391,000 23,923,000 28,314,000 204,000 2021 39 322 Streeter IL 25,900,000 11,387,000 27,096,000 -- -- 11,387,000 27,096,000 38,483,000 231,000 2021 39 2nd Street FL -- 93,000 -- -- -- 93,000 -- 93,000 -- 2021 N/A Denver 1725 Champa Street Garage CO -- 7,414,000 8,860,000 -- -- 7,414,000 8,860,000 16,274,000 38,000 2021 39 MVP St. Louis Cardinal Lot DST MO 6,000,000 11,660,000 19,000 -- -- 11,660,000 19,000 11,679,000 -- 2017 N/A $ 207,608,000 $ 175,156,000 $ 249,326,000 $ 12,405,000 $ -- $ 166,224,000 $ 254,379,000 $ 420,603,000 $ 21,348,000 (1) The initial costs of buildings are depreciated over 39 years using a straight-line method of accounting; improvements capitalized subsequent to acquisition are depreciated over the shorter of the lease term or useful life, generally ranging from one to 20 years. (2) These properties are held by West 9 th (3) The aggregate gross cost of property included above for federal income tax purposes approximately $395.7 million as of December 31, 2021. The following table reconciles the historical cost of total real estate held for investment for the years ended December 31, 2021 and 2020. Schedule III - Historical Cost Of Total Real Estate Held For Investment 2021 2020 Total real estate held for investment, inception (prior) $ 292,076,000 $ 310,563,000 Additions during period: Acquisitions 126,651,000 -- Improvements 1,876,000 687,000 Deductions during period: Dispositions -- (5,059,000) Impairments -- (14,115,000) Total real estate held for investment, end of year (1) $ 420,603,000 $ 292,076,000 (1) This amount does not include intangible assets and construction in progress totaling approximately $9.8 million and $0.1 million, respectively, as of December 31, 2021 and approximately $2.1 million and $1.3 million as of December 31, 2020, respectively. Subsequent to the December 31, 2020 presentation of this schedule, the Company determined intangibles of $2.1 million were incorrectly included and the presentation has thus been revised. The following table reconciles the accumulated depreciation for the years ended December 31, 2021 and 2020. Subsequent to the December 31, 2020 presentation of this schedule, the Company determined accumulated amortization of $1.2 million was incorrectly included and the presentation has thus been revised. Schedule III - Schedule of Accumulated Depreciation 2021 2020 Accumulated depreciation, inception (prior) $ 15,890,000 $ 11,506,000 Deductions during period: -- (429,000) Depreciation of real estate 5,458,000 4,813,000 Accumulated depreciation, end of year $ 21,348,000 $ 15,890,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting The consolidated financial statements of the Company are prepared on the accrual basis of accounting and in accordance with principles generally accepted in the United States of America (“GAAP”) for financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the SEC. In the opinion of management, all normal recurring adjustments considered necessary to give a fair presentation of operating results for the periods presented have been included. |
Consolidation | Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership, each of their wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. For entities that meet the definition of a variable interest entity (“VIE”), the Company consolidates those entities when the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it possesses both the unilateral power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company continually evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. All intercompany activity is eliminated in consolidation. Equity investments in which the Company exercises significant influence but does not control and is not the primary beneficiary are accounted for using the equity method. The Company's share of its equity method investees' earnings or losses is included in other income in the accompanying condensed consolidated statements of operations. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding asset impairment and purchase price allocations to record investments in real estate, as applicable. |
Concentration | Concentration The Company had fourteen parking tenants/operators during the years ended December 31, 2021 and 2020, respectively. One tenant/operator, SP + Corporation (Nasdaq: SP) (“SP+”), represented 60.5% and 61.0% of the Company’s parking rental revenue for the years ended December 31, 2021 and 2020, respectively. Premier Parking Service, LLC represented 12.6% and 15.9% of the Company’s parking rental revenue for the years ended December 31, 2021 and 2020, respectively. In addition, the Company had concentrations in Cincinnati (20.8% and 8.1%), Detroit (13.8% and 19.0%), Chicago (9.5% and 0.0%), and Houston (8.5% and 11.7%) based on book value of the real estate the Company owned, as of December 31, 2021 and 2020, respectively. For the year ended December 31, 2021, 52.2% of the Company’s outstanding accounts receivable balance was with SP+. For the year ended December 31, 2020, 47.1% and 24.9% of the Company’s outstanding accounts receivable balance was with SP+ and Premier Parking, respectively. Acquisitions All assets acquired and liabilities assumed in an acquisition of real estate accounted for as a business combination are measured at their acquisition date fair values. For acquisitions of real estate accounted for as an asset acquisition, the fair value of consideration transferred by the Company (including transaction costs) is allocated to all assets acquired and liabilities assumed on a relative fair value basis. The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their relative fair values. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and fixtures are based on valuations performed by independent third parties or on the Company's analysis of comparable properties in the Company's portfolio. Identifiable intangible assets include amounts allocated to acquire leases for above- and below-market lease rates, the value of in-place leases, and the value of customer relationships, as applicable. The aggregate value of intangible assets related to in-place leases is primarily the difference between the property valued with existing in-place leases adjusted to market rental rates and the property valued as if vacant. Factors considered by the Company in its analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, considering current market conditions and costs to execute similar leases. In estimating carrying costs, the Company will include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up period. Estimates of costs to execute similar leases including leasing commissions, legal and other related expenses are also utilized. Above-market and below-market in-place lease values for owned properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market and below-market lease intangibles are amortized as a decrease or increase, respectively, to rental income over the remaining term of the lease. In determining the amortization period for lease intangibles, the Company initially will consider the likelihood that a lessee will execute the renewal option. The likelihood that a lessee will execute the renewal option is determined by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. The value of in-place leases is amortized to expense over the initial term of the respective leases. The value of intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease intangibles is charged to expense. In making estimates of fair values for purposes of allocating purchase price, the Company will utilize several sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company will also consider information obtained about each property as a result of the Company's pre-acquisition due diligence, as well as subsequent marketing and leasing activities, in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, the property is written down to fair value and an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. The Company recorded no impairment charges for the year ended December 31, 2021 and $14.1 million for the year ended December 31, 2020. These charges were recorded to write down the carrying value of investments in real estate to their current fair values. Management used an independent third-party to determine the fair value primarily using the income capitalization approach based on the contracted rent to be received from the operator or the sales comparison approach. The income capitalization approach reflects the property’s income-producing capabilities based on the assumption that value is created by the expectation of benefits to be derived in the future. The sales comparison approach utilizes sales of comparable properties, adjusted for differences, to indicate value. |
Cash | Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts and money market funds. From time to time, the cash and cash equivalent balances at one or more of our financial institutions may exceed the Federal Depository Insurance Corporation coverage. |
Restricted Cash | Restricted Cash Restricted cash primarily consists of escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums and other amounts required to be escrowed pursuant to loan agreements. |
Leases | Leases The majority of the Company’s revenue is lease revenue derived from real estate assets, which is accounted for under ASC Topic 842, Leases (“ASC 842”). The Company records lease and lease-related revenue as Rental Income on the consolidated statements of operations, in accordance with ASC 842. The majority of the Company’s leases are structured such that tenants pay base rent and percentage rent in an amount equal to a designated percentage of the amount by which gross revenues at the property during any lease year exceed a negotiated base amount; tenants are also financially responsible for all, or substantially all, property-level operating and maintenance expenses, subject to certain exceptions. Percentage rent is typically based on the amount by which gross revenues of the parking facility exceeds a base amount, which allows the tenant to off-set some of its property-level operational expenses. The Company negotiates base rent, percentage rent and the base amount used in the calculation of percentage rent with the applicable tenant based on economic factors applicable to the particular parking facility and geographic market. In general, the Company expects that the rent received from tenants will constitute the majority of the gross receipts generated at such parking facility above the applicable negotiated threshold. A lease is determined to be an operating, sales-type, or direct financing lease using the criteria established in ASC 842. Leases will be considered either sales-type or direct financing leases if any of the following criteria are met: • if the lease transfers ownership of the underlying asset to the lessee by the end of the term; • if the lease grants the lessee an option to purchase the underlying asset that is reasonably certain to be exercised; • if the lease term is for the major part of the remaining economic life of the underlying asset; or • if the present value of the sum of the lease payments and any residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset. If none of the criteria listed above are met, the lease is classified as an operating lease. Currently, all of the Company’s leases are classified as operating leases, and we expect that the majority, if not all, of the leases will continue to be classified as operating leases based upon the typical lease terms. Reimbursements from tenants for recoverable real estate taxes and operating expenses that are fixed per the terms of the applicable lease agreements are recorded on a straight-line basis. The majority of lease agreements with tenants, however, provide for tenant reimbursements that are variable depending upon the applicable expenses incurred. These reimbursements are accrued as revenue in the period in which the applicable expenses are incurred. Certain assumptions and judgments are made in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursements. Both fixed and variable tenant reimbursements are recorded as Rental Income in the consolidated statements of operations. Historically, the Company had certain leases in which the tenant was responsible for property tax payments, but remitted funds directly to the Company. In accordance, with ASC 842, these property tax payments are recorded gross on the consolidated statement of operations. For new leases entered into in 2021 and going forward, the Company will be solely responsible for the property tax payments. Historically, the Company periodically reviewed the collectability of outstanding receivables. Following the adoption of ASC 842, lease receivables are reviewed continually to determine whether or not it is probable that we will realize substantially all remaining lease payments for each of our tenants (i.e., whether a tenant is deemed to be a credit risk). Additionally, the Company records a general reserve based on a review of operating lease receivables at a company level to ensure they are properly valued based on analysis of historical bad debt, outstanding balances, and the current economic climate. If it is not probable substantially all of the remaining lease payments from a tenant will be collected, revenue for that tenant is recorded on a cash basis (“cash-basis tenant”), including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. Recording lease income on an accrual basis will resume for cash-basis tenants once the Company believes the collection of rent for the remaining lease term is probable, which will generally be after a period of regular payments. Under ASC 842, the aforementioned adjustments as well as any reserve for disputed charges are recorded as a reduction of Rental Income on the consolidated statements of operations. As of December 31, 2021 and 2020, the reserve in accounts receivable for uncollectible amounts was $141,000 and $700,000, respectively. |
Revenue Recognition | Revenue Recognition In addition to lease-related revenue, the Company also derives revenue from management agreements. Management agreements are accounted for within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) and are recorded as Management Income on the consolidated statements of operations. Management income is a single revenue stream. As a result of the COVID-19 pandemic, the Company transitioned certain leases to management agreements in 2020. Per these management agreements, the tenant operated the property on behalf of the Company and paid their operating expenses from gross parking revenue and was required to remit an agreed upon percentage of the remainder to the Company instead of base rent payments. Revenues from these properties are recorded as management income. During 2021, the Company reverted all management contracts back to leases. Due to the nature of the services being provided under our Management Agreements, the performance obligation has a variable component and is earned over time. We calculate the amount earned at the end of each month and amounts are due monthly. |
Immaterial Correction | Immaterial Correction The Company discovered that the reimbursable property tax related to certain of its properties should have been recorded on a gross basis in the Statement of Operations. An adjustment has been made to the Consolidated Statements of Operations for the fiscal year ended December 31, 2020. Property taxes and rental revenue were both increased by $1.3 million to properly report property tax expense and tenant reimbursement of property tax expense on a gross basis in accordance with ASC 842. This correction had no effect on the reported results of operations. Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. The Company is required to make assessments as to the useful lives of the Company’s properties for purposes of determining the amount of depreciation to record on an annual basis with respect to the Company’s investments in real estate. These assessments have a direct impact on the Company’s net income because if the Company were to shorten the expected useful lives of the Company’s investments in real estate, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis. |
Stock-Based Compensation | Stock-Based Compensation The Company records stock-based compensation expense according to the provisions of ASC Topic 718, Compensation – Stock Compensation. ASC Topic 718 requires all share-based payments to employees and nonemployees, to be recognized in the financial statements based on their fair values. Under the provisions of ASC Topic 718, the Company determines the appropriate fair value to be used for valuing share-based payments. The Company has a stock-based incentive award plan, which is accounted for under the guidance for share based payments. The expense for such awards will be included in general and administrative expenses and is recognized over the vesting period or when the requirements for exercise of the award have been met ( See Note F — Stock-Based Compensation |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when management determines that it is more likely than not that all or some portion of the deferred tax asset will not be realized. A full valuation allowance has been recorded for deferred tax assets due to the Company’s history of taxable losses. The Company uses a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolutions of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more likely than not of being realized upon ultimate settlement. The Company believes that its income tax filing positions and deductions would be sustained upon examination; thus, the Company has not recorded any uncertain tax positions as of December 31, 2021 and 2020. |
Per Share Data | Per Share Data The Company calculates basic income (loss) per share by dividing net income (loss) for the period by weighted-average shares of its common stock outstanding for the respective period. Diluted income per share considers the effect of dilutive instruments, such as stock options, warrants, and convertible stock, but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. |
Non-controlling Interests | Non-controlling Interests Noncontrolling interests represent the portion of equity that we do not own in the entities we consolidate. The Company classifies noncontrolling interests within permanent equity on the Company’s consolidated balance sheets. On the face of the consolidated statements of operations, the Company discloses the amounts of net loss attributable to the parent and to the non-controlling interest. |
Reportable Segments | Reportable Segments Our principal business is the ownership and operation of parking facilities. We do not distinguish our principal business, or group our operations, by geography or size for purposes of measuring performance. Accordingly, we have presented our results as a single reportable segment. |
Acquisitions and Dispositions_2
Acquisitions and Dispositions of Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary Of The Parking Asset Acquisitions | Summary Of The Parking Asset Acquisitions Property Location Date Acquired Property Type # Spaces Size / Acreage Retail Sq. Ft. Purchase Price 1W7 Carpark, LLC Cincinnati, OH 8/25/2021 Garage 765 1.21 18,385 $32,122,000 222 W7th Holdco, LLC Cincinnati, OH 8/25/2021 Garage 1,625 1.84 -- $28,314,000 322 Streeter Holdco, LLC Chicago, IL 8/25/2021 Garage 1,154 2.81 -- $38,483,000 2 nd Miami, FL 9/09/2021 Contract 118 N/A -- $3,253,000 Denver 1725 Champa Street Garage, LLC Denver, CO 11/03/2021 Garage 450 0.72 -- $16,274,000 |
Summary Of The Allocated Acquisition Value | Summary Of The Allocated Acquisition Value Assets Land and Improvements Building and improvements In-Place Lease Value Contract Value Total assets acquired 1W7 Carpark (a) $ 2,995,000 $ 28,819,000 $ 308,000 $ $ 32,122,000 222 W7th Holdco 4,391,000 23,923,000 -- -- 28,314,000 322 Streeter Holdco 11,387,000 27,096,000 -- -- 38,483,000 2 nd 93,000 -- -- 3,160,000 3,253,000 Denver 1725 Champa St 7,414,000 8,860,000 -- -- 16,274,000 $ 26,280,000 $ 88,698,000 $ 308,000 $ 3,160,000 $ 118,446,000 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Schedule of Intangible Assets 2021 2020 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Value of in-place leases $ 2,398,000 $ 1,311,000 $ 1,960,000 $ 1,088,000 Value of lease commissions 152,000 82,000 147,000 61,000 Value of indefinite lived contract (1) 3,160,000 -- -- -- Value of technology 4,046,000 133,000 -- -- Total intangible assets $ 9,756,000 $ 1,526,000 $ 2,107,000 $ 1,149,000 |
Schedule Of Future Amortization And Accretion Of Acquired Intangible Assets | Schedule Of Future Amortization And Accretion Of Acquired Intangible Assets Years Ending December 31, Acquired in-place leases Lease commissions Technology 2022 $ 287,000 $ 22,000 $ 405,000 2023 287,000 22,000 405,000 2024 270,000 18,000 404,000 2025 156,000 7,000 404,000 2026 69,000 1,000 404,000 Thereafter 17,000 -- 1,891,000 $ 1,087,000 $ 70,000 $ 3,913,000 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | Schedule of Earnings Per Share Basic and Diluted 2021 2020 Numerator: Net loss attributable to common stockholders $ 14,064,000 $ 26,474,000 Denominator: Basic and dilutive weighted average shares of Common Stock outstanding 7,741,192 7,329,045 Basic and diluted loss per weighted average common share: Basic and dilutive $ (1.82) $ (3.62) |
Notes Payable and Paycheck Pr_2
Notes Payable and Paycheck Protection Program Loan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Schedule of Notes Payable Property Monthly Payment Balance as of 12/31/21 Balance as of 12/31/20 Lender Term Interest Rate Loan Maturity 1W7 Carpark, LLC $19,000 $10,271,000 $0 Associated Bank 1 year Variable 5/1/2022 Corporate D&O Insurance (6) $38,000 $226,000 $299,000 MetaBank 1 Year 3.95% 7/31/2022 MVP Milwaukee Old World Interest Only $1,871,000 $771,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 MVP Wildwood NJ Lot, LLC Interest Only $1,000,000 $1,000,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 Minneapolis Venture Interest Only $4,000,000 $4,000,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 MVP Milwaukee Clybourn Interest Only $191,000 $191,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 MVP Clarksburg Lot Interest Only $476,000 $476,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 MCI 1372 Street Interest Only $574,000 $574,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 MVP Cincinnati Race Street, LLC Interest Only $3,450,000 $2,550,000 Vestin Realty Mortgage 1 Year 7.00% 8/25/2022 222W7th Holdco, LLC $15,000 $8,151,000 $0 Associated Bank 1 year Variable 10/1/2022 SBA PPP Loan $14,700 $328,000 $348,000 Small Business Administration 2 Year 1.00% 10/22/2022 MVP Milwaukee Wells, LLC (4) Interest Only $2,529,000 $2,700,000 LoanCore 1 Year Variable 12/9/2022 MVP Indianapolis City Park, LLC (4) Interest Only $6,744,000 $7,200,000 LoanCore 1 Year Variable 12/9/2022 MVP Indianapolis WA Street, LLC (4) Interest Only $3,185,000 $3,400,000 LoanCore 1 Year Variable 12/9/2022 MVP Raider Park Garage, LLC (4) Interest Only $6,931,000 $7,400,000 LoanCore 1 Year Variable 12/9/2022 MVP New Orleans Rampart, LLC (4) Interest Only $4,965,000 $5,300,000 LoanCore 1 Year Variable 12/9/2022 MVP Hawaii Marks Garage, LLC (4) Interest Only $12,646,000 $13,500,000 LoanCore 1 Year Variable 12/9/2022 MVP Memphis Poplar (3) Interest Only $1,800,000 $1,800,000 LoanCore 5 Year 5.38% 3/6/2024 MVP St. Louis (3) Interest Only $3,700,000 $3,700,000 LoanCore 5 Year 5.38% 3/6/2024 Mabley Place Garage, LLC $44,000 $7,817,000 $8,007,000 Barclays 10 year 4.25% 12/6/2024 322 Streeter Holdco LLC Interest Only $25,900,000 $0 American National Insurance Co. 5 year * 3.50% 3/1/2025 MVP Houston Saks Garage, LLC $20,000 $3,061,000 $3,164,000 Barclays Bank PLC 10 year 4.25% 8/6/2025 Minneapolis City Parking, LLC $29,000 $4,516,000 $4,659,000 American National Insurance, of NY 10 year 4.50% 5/1/2026 MVP Bridgeport Fairfield Garage, LLC $23,000 $3,782,000 $3,933,000 FBL Financial Group, Inc. 10 year 4.00% 8/1/2026 West 9 th $30,000 $4,632,000 $4,774,000 American National Insurance Co. 10 year 4.50% 11/1/2026 MVP Fort Worth Taylor, LLC $73,000 $11,523,000 $11,873,000 American National Insurance, of NY 10 year 4.50% 12/1/2026 MVP Detroit Center Garage, LLC $194,000 $28,323,000 $29,042,000 Bank of America 10 year 5.52% 2/1/2027 MVP Denver Sherman, LLC (1) $2,000 $270,000 $275,000 KeyBank 10 year * 4.90% 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) $12,000 $2,022,000 $2,069,000 KeyBank 10 year * 4.90% 5/1/2027 MVP Denver 1935 Sherman, LLC (1) $4,000 $719,000 $736,000 KeyBank 10 year * 4.90% 5/1/2027 MVP St. Louis Washington, LLC (1) $8,000 $1,303,000 $1,334,000 KeyBank 10 year * 4.90% 5/1/2027 St. Paul Holiday Garage, LLC (1) $24,000 $3,901,000 $3,992,000 KeyBank 10 year * 4.90% 5/1/2027 Cleveland Lincoln Garage, LLC (1) $23,000 $3,775,000 $3,863,000 KeyBank 10 year * 4.90% 5/1/2027 MVP Indianapolis Meridian Lot, LLC (2) Interest Only $938,000 $938,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 MVP Louisville Broadway Station, LLC (2) Interest Only $1,682,000 $1,682,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 MVP Whitefront Garage, LLC (2) Interest Only $6,454,000 $6,454,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 MVP Houston Preston Lot, LLC (2) Interest Only $1,627,000 $1,627,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 MVP Houston San Jacinto Lot, LLC (2) Interest Only $1,820,000 $1,820,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 St. Louis Broadway, LLC (2) Interest Only $1,671,000 $1,671,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 St. Louis Seventh & Cerre, LLC (2) Interest Only $2,058,000 $2,057,000 Cantor Commercial Real Estate 10 year * * 5.03% 5/6/2027 St Louis Cardinal Lot DST, LLC (7) Interest Only $6,000,000 $0 Cantor Commercial Real Estate 10 year 5.25% 5/31/2027 MVP Preferred Parking, LLC Interest Only $11,330,000 $11,330,000 Key Bank 10 year * * 5.02% 8/1/2027 Less unamortized loan issuance costs (1,009,000) (1,165,000) $207,153,000 $159,344,000 |
Future Principal Payments | Future Principal Payments 2022 $ 69,807,000 2023 2,499,000 2024 15,282,000 2025 31,012,000 2026 22,630,000 Thereafter 66,932,000 Less unamortized loan issuance costs (1,009,000) Total $ 207,153,000 |
Notes Payable Paid In Full | Notes Payable Paid In Full Loan Original Debt Amount Monthly Payment Balance as of 12/31/2021 Balance as of 12/31/20 Lender Term Interest Rate Loan Maturity Paid in 2021 Corporate D&O Insurance $1,185,000 $150,000 -- $299,000 MetaBank 1 Year 3.60% 02/28/2021 SBA PPP Loan (1) $348,000 $14,700 -- $348,000 Small Business Administration 2 Year 1.00% 10/22/2022 Color Up, LLC $1,200,000 N/A -- -- Color Up, LLC 7 months 7.00% 12/31/2021 Paid in 2020 MVP San Jose 88 Garage, LLC $1,645,000 Interest Only -- -- Multiple 1 Year 7.50% 6/30/2020 The Parking REIT D&O Insurance $1,681,000 $171,000 -- -- MetaBank 1 Year 8.00% 4/30/2020 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Equity Method Investments - MVP St. Louis | Equity Method Investments - MVP St. Louis December 31, 2021 ASSETS (Unaudited) Investments in real estate $ 11,809,000 Cash 22,000 Cash – restricted 153,000 Accounts receivable 50,000 Prepaid expenses 13,000 Total assets $ 12,047,000 LIABILITIES Notes payable $ 5,961,000 Accounts payable and accrued liabilities 48,000 Due to related party 193,000 Total liabilities $ 6,202,000 Summarized Statements of Operations—Unconsolidated Real Estate Affiliates—Equity Method Investments For the year ended December 31, 2021 For the year ended December 31, 2020 Revenue $ 488,000 $ 668,000 Expenses (434,000) (788,000) Net income (loss) $ 54,000 $ (120,000) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease Revenue | Lease Revenue Year Ended December 31, Lease revenue 2021 2020 Fixed contractual payments $ 9,154,000 $ 8,908,000 Variable lease payments 6,939,000 5,386,000 Straight-line rental income 135,000 188,000 Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of December 31, 2021, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows: Future Lease Payments Due Years Ending December 31, Future lease payments due 2022 $ 5,700,000 2023 5,093,000 2024 4,355,000 2025 3,337,000 2026 2,480,000 Thereafter 415,000 |
Future Lease Payments Due | Future Lease Payments Due Years Ending December 31, Future lease payments due 2022 $ 5,700,000 2023 5,093,000 2024 4,355,000 2025 3,337,000 2026 2,480,000 Thereafter 415,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Schedule of Components of Income Tax Expense Benefit | Schedule of Components of Income Tax Expense Benefit 2021 2020 Current Federal -- -- State $30,749 -- Total Current $30,749 -- Deferred Federal -- -- State -- -- Total Deferred -- -- Total $30,749 -- |
Schedule of Effective Income Tax Rate Reconciliation | Schedule of Effective Income Tax Rate Reconciliation 2021 2020 Tax at U.S. statutory rate 21.00% 21.00% State taxes, net of federal effect 5.16% 5.10% Non-Deductible Expenses 0.64% 0.01% Revaluation of deferred tax assets/liabilities -- 76.09% Change in Valuation Allowance -27.08% -102.30% Effective income tax rate -- -- |
Schedule of Deferred Tax Assets and Liabilities | Schedule of Deferred Tax Assets and Liabilities Year Ended December 31, 2021 2020 Deferred Tax Assets: NOL Carryforward $11,307,270 $9,183,471 Real Estate Investments -- $6,478,695 Intangible Assets -- $9,286,082 Prepaid Rent -- $36,616 Investment in Operating Partnership $16,236,475 -- Gross deferred tax assets $27,543,746 $24,985,134 Less valuation allowance $(27,543,746) $(24,601,466) Total deferred tax assets -- $383,668 Deferred Tax Liabilities: Straight-line Rent -- $(383,668) Total deferred tax liabilities -- $(383,668) Total net deferred taxes -- -- |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Schedule of Real Estate and Accumulated Depreciation By Property | Schedule III - Schedule of Real Estate and Accumulated Depreciation By Property SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2021 Initial Cost Costs Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2021 (3) Description ST Encumbrance Land Buildings and Improvements Improvements Carrying Costs Land Building and Improvements Total Accumulated Depreciation (1) Date Acquired Life on which depr in latest statement is computed West 9th Street (2) OH $ 4,632,000 $ 5,675,000 $ -- $ 170,000 $ -- $ 5,844,000 $ $ 5,844,000 $ 47,000 2016 15 Crown Colony (2) OH -- 3,030,000 -- 18,000 -- 2,954,000 2,954,000 6,000 2016 15 MCI 1372 Street OH 574,000 700,000 -- -- -- 700,000 700,000 -- 2016 N/A Cincinnati Race Street OH 3,450,000 2,142,000 2,358,000 1,848,000 -- 1,904,000 3,944,000 5,848,000 767,000 2016 39,15 St Louis Washington MO 1,303,000 3,000,000 -- 7,000 -- 1,637,000 1,637,000 2,000 2016 15 St Paul Holiday Garage MN 3,901,000 1,673,000 6,527,000 277,000 -- 1,673,000 6,804,000 8,477,000 955,000 2016 39,15 Louisville Station KY 1,682,000 3,050,000 -- 57,000 -- 3,007,000 3,007,000 18,000 2016 15 Whitefront Garage TN 6,454,000 3,116,000 8,380,000 176,000 -- 3,116,000 8,556,000 11,672,000 1,180,000 2016 39,15 Cleveland Lincoln Garage OH 3,775,000 2,195,000 5,122,000 5,040,000 -- 1,378,000 8,256,000 9,634,000 1,370,000 2016 39,15 Houston Preston TX 1,627,000 2,800,000 -- 20,000 -- 2,820,000 -- 2,820,000 6,000 2016 15 Houston San Jacinto TX 1,820,000 3,200,000 -- 50,000 -- 3,250,000 -- 3,250,000 15,000 2016 15 MVP Detroit Center Garage MI 28,323,000 7,000,000 48,000,000 743,000 -- 7,000,000 48,743,000 55,743,000 6,223,000 2017 39,15 St. Louis Broadway MO 1,671,000 2,400,000 -- -- -- 2,400,000 -- 2,400,000 -- 2017 N/A St. Louis Seventh & Cerre MO 2,058,000 3,300,000 -- -- -- 3,300,000 -- 3,300,000 -- 2017 N/A MVP Preferred Parking TX 11,330,000 15,800,000 4,700,000 719,000 -- 15,230,000 5,250,000 20,480,000 693,000 2017 39,15 MVP Raider Park Garage TX 6,931,000 2,005,000 9,057,000 2,593,000 -- 2,005,000 11,651,000 13,656,000 1,324,000 2017 39,15 MVP PF Memphis Poplar 2013 TN 1,800,000 3,658,000 -- 13,000 -- 3,671,000 -- 3,671,000 13,000 2017 15 MVP PF St. Louis 2013 MO 3,700,000 5,041,000 -- -- -- 5,042,000 -- 5,042,000 29,000 2017 15 Mabley Place Garage OH 7,817,000 1,585,000 19,018,000 142,000 -- 1,360,000 16,385,000 17,745,000 1,898,000 2017 39,15 MVP Denver Sherman CO 270,000 705,000 -- -- -- 705,000 -- 705,000 -- 2017 N/A MVP Fort Worth Taylor TX 11,523,000 2,845,000 24,405,000 5,000 -- 2,845,000 24,410,000 27,255,000 2,543,000 2017 39,15 MVP Milwaukee Old World WI 1,871,000 2,003,000 -- -- 2,003,000 -- 2,003,000 19,000 2017 15 MVP Houston Saks Garage TX 3,061,000 4,931,000 5,221,000 33,000 -- 3,713,000 4,049,000 7,762,000 509,000 2017 39,15 MVP Milwaukee Wells WI 2,529,000 4,994,000 -- -- -- 4,374,000 -- 4,374,000 67,000 2017 15 MVP Wildwood NJ Lot NJ 1,000,000 1,631,000 -- -- -- 696,000 -- 696,000 -- 2017 N/A MVP Indianapolis City Park IN 6,744,000 2,056,000 8,557,000 114,000 -- 2,056,000 8,672,000 10,728,000 916,000 2017 39,15 MVP Indianapolis WA Street Lot IN 3,185,000 5,618,000 -- -- -- 5,617,000 -- 5,617,000 21,000 2017 15 MVP Minneapolis Venture MN 4,000,000 4,013,000 -- -- -- 4,013,000 -- 4,013,000 -- 2017 N/A MVP Indianapolis Meridian Lot IN 938,000 1,573,000 -- -- -- 1,523,000 -- 1,523,000 6,000 2017 15 MVP Milwaukee Clybourn WI 191,000 257,000 -- -- -- 256,000 -- 256,000 3,000 2017 15 MVP Milwaukee Arena WI 2,022,000 4,631,000 -- -- -- 4,631,000 -- 4,631,000 -- 2017 N/A MVP Clarksburg Lot WV 476,000 701,000 -- -- -- 611,000 -- 611,000 2,000 2017 15 MVP Denver 1935 Sherman CO 719,000 2,533,000 -- -- -- 2,533,000 -- 2,533,000 -- 2017 N/A MVP Bridgeport Fairfield Garage CT 3,782,000 498,000 7,555,000 12,000 -- 498,000 7,567,000 8,065,000 823,000 2017 39,15 Minneapolis City Parking MN 4,516,000 9,633,000 -- -- -- 7,513,000 -- 7,513,000 80,000 2017 15 MVP New Orleans Rampart LA 4,965,000 8,105,000 -- -- -- 7,835,000 -- 7,835,000 -- 2018 N/A MVP Hawaii Marks HI 12,646,000 9,119,000 11,715,000 368,000 -- 8,571,000 11,381,000 19,952,000 1,095,000 2018 39,15 1W7 Carpark OH 10,271,000 2,995,000 28,813,000 -- -- 2,995,000 28,813,000 31,808,000 245,000 2021 39, 15 222W7 OH 8,151,000 4,391,000 23,923,000 -- -- 4,391,000 23,923,000 28,314,000 204,000 2021 39 322 Streeter IL 25,900,000 11,387,000 27,096,000 -- -- 11,387,000 27,096,000 38,483,000 231,000 2021 39 2nd Street FL -- 93,000 -- -- -- 93,000 -- 93,000 -- 2021 N/A Denver 1725 Champa Street Garage CO -- 7,414,000 8,860,000 -- -- 7,414,000 8,860,000 16,274,000 38,000 2021 39 MVP St. Louis Cardinal Lot DST MO 6,000,000 11,660,000 19,000 -- -- 11,660,000 19,000 11,679,000 -- 2017 N/A $ 207,608,000 $ 175,156,000 $ 249,326,000 $ 12,405,000 $ -- $ 166,224,000 $ 254,379,000 $ 420,603,000 $ 21,348,000 |
Schedule III - Historical Cost Of Total Real Estate Held For Investment | Schedule III - Historical Cost Of Total Real Estate Held For Investment 2021 2020 Total real estate held for investment, inception (prior) $ 292,076,000 $ 310,563,000 Additions during period: Acquisitions 126,651,000 -- Improvements 1,876,000 687,000 Deductions during period: Dispositions -- (5,059,000) Impairments -- (14,115,000) Total real estate held for investment, end of year (1) $ 420,603,000 $ 292,076,000 |
Schedule III - Schedule of Accumulated Depreciation | Schedule III - Schedule of Accumulated Depreciation 2021 2020 Accumulated depreciation, inception (prior) $ 15,890,000 $ 11,506,000 Deductions during period: -- (429,000) Depreciation of real estate 5,458,000 4,813,000 Accumulated depreciation, end of year $ 21,348,000 $ 15,890,000 |
Organization and Business Ope_2
Organization and Business Operations (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Entity Incorporation, Date of Incorporation | May 4, 2015 | |
[custom:NewOPUnits] | 7,495,090 | |
[custom:OPUnitsSharePrice] | $ 11.75 | |
[custom:TotalConsiderationForOPUnits] | $ 84.1 | |
[custom:NetIncomeLossRounded] | 12.4 | |
[custom:RestrictedCashAndCashEquivalentsAtCarryingValueRounded-0] | $ 16.7 | |
Notes Payable, Current | $ 67.5 | |
Color Up L L C [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 44.20% | |
H S C P Strategic I I I L P [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 10.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Product Information [Line Items] | ||
Number of Real Estate Properties | 14 | |
Impairment, Long-Lived Asset, Held-for-Use | $ 0 | $ 14,100,000 |
Customer Concentration Risk [Member] | S P Plus [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 60.50% | 61.00% |
Customer Concentration Risk [Member] | Premier Parking Service L L C [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 12.60% | 15.90% |
Geographic Concentration Risk [Member] | Cincinnati Area [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 20.80% | 8.10% |
Geographic Concentration Risk [Member] | Detroit Area [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 13.80% | 19.00% |
Geographic Concentration Risk [Member] | Chicago Area [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 9.50% | 0.00% |
Geographic Concentration Risk [Member] | Houston Area [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 8.50% | 11.70% |
Outstanding Accounts Receivable [Member] | S P Plus [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 52.20% | 47.10% |
Outstanding Accounts Receivable [Member] | Premier Parking [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 24.90% |
Summary Of The Parking Asset Ac
Summary Of The Parking Asset Acquisitions (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
One W 7 Carpark [Member] | |
Business Acquisition [Line Items] | |
[custom:RealEstatePropertyLocation] | Cincinnati, OH |
[custom:RealEstatePropertyDateAcquired] | 8/25/2021 |
[custom:BusinessAcquisitionPropertyType] | Garage |
[custom:BusinessAcquisitionNumberOfSpaces] | 765 |
[custom:BusinessAcquisitionPropertySize] | 1.21 |
[custom:BusinessAcquisitionRetailSize] | 18,385 |
Real Estate Investments, Net | $ 32,122,000 |
Two 2 W 7 Holdco [Member] | |
Business Acquisition [Line Items] | |
[custom:RealEstatePropertyLocation] | Cincinnati, OH |
[custom:RealEstatePropertyDateAcquired] | 8/25/2021 |
[custom:BusinessAcquisitionPropertyType] | Garage |
[custom:BusinessAcquisitionNumberOfSpaces] | 1,625 |
[custom:BusinessAcquisitionPropertySize] | 1.84 |
[custom:BusinessAcquisitionRetailSize] | |
Real Estate Investments, Net | $ 28,314,000 |
Three 22 Streeter Holdco [Member] | |
Business Acquisition [Line Items] | |
[custom:RealEstatePropertyLocation] | Chicago, IL |
[custom:RealEstatePropertyDateAcquired] | 8/25/2021 |
[custom:BusinessAcquisitionPropertyType] | Garage |
[custom:BusinessAcquisitionNumberOfSpaces] | 1,154 |
[custom:BusinessAcquisitionPropertySize] | 2.81 |
[custom:BusinessAcquisitionRetailSize] | |
Real Estate Investments, Net | $ 38,483,000 |
Second Street [Member] | |
Business Acquisition [Line Items] | |
[custom:RealEstatePropertyLocation] | Miami, FL |
[custom:RealEstatePropertyDateAcquired] | 9/09/2021 |
[custom:BusinessAcquisitionPropertyType] | Contract |
[custom:BusinessAcquisitionNumberOfSpaces] | 118 |
[custom:BusinessAcquisitionPropertySize] | N/A |
[custom:BusinessAcquisitionRetailSize] | |
Real Estate Investments, Net | $ 3,253,000 |
Denver 1725 Champa Street [Member] | |
Business Acquisition [Line Items] | |
[custom:RealEstatePropertyLocation] | Denver, CO |
[custom:RealEstatePropertyDateAcquired] | 11/03/2021 |
[custom:BusinessAcquisitionPropertyType] | Garage |
[custom:BusinessAcquisitionNumberOfSpaces] | 450 |
[custom:BusinessAcquisitionPropertySize] | 0.72 |
[custom:BusinessAcquisitionRetailSize] | |
Real Estate Investments, Net | $ 16,274,000 |
Summary Of The Allocated Acquis
Summary Of The Allocated Acquisition Value (Details) | Dec. 31, 2021USD ($) |
One W 7 Carpark [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | $ 2,995,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 28,819,000 |
[custom:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInPlaceLeaseValue-0] | 308,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 32,122,000 |
Two 2 W 7 Holdco [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 4,391,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 23,923,000 |
[custom:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInPlaceLeaseValue-0] | |
[custom:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContractValue-0] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 28,314,000 |
Three 22 Streeter Holdco [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 11,387,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 27,096,000 |
[custom:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInPlaceLeaseValue-0] | |
[custom:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContractValue-0] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 38,483,000 |
Second Street [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 93,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | |
[custom:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInPlaceLeaseValue-0] | |
[custom:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContractValue-0] | 3,160,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 3,253,000 |
Denver 1725 Champa Street [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 7,414,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 8,860,000 |
[custom:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInPlaceLeaseValue-0] | |
[custom:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContractValue-0] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 16,274,000 |
Total Assets [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 26,280,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 88,698,000 |
[custom:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInPlaceLeaseValue-0] | 308,000 |
[custom:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedContractValue-0] | 3,160,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 118,446,000 |
Related Party Transactions an_2
Related Party Transactions and Arrangements (Details Narrative) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Common Stock, Shares, Outstanding | 7,762,375 | 7,727,696 |
Former Sponsor [Member] | ||
Related Party Transaction [Line Items] | ||
Common Stock, Shares, Outstanding | 9,108 | |
V R M I I [Member] | ||
Related Party Transaction [Line Items] | ||
Common Stock, Shares, Outstanding | 1,084,960 | |
V R M I [Member] | ||
Related Party Transaction [Line Items] | ||
Common Stock, Shares, Outstanding | 616,834 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 01, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employee Benefits and Share-based Compensation | $ 46,000 | $ 34,000 | |
Shares Issued, Price Per Share | $ 11.75 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 500,000 | ||
Former Chief Executive Officer [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee Benefits and Share-based Compensation | $ 144,000 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Indefinite-lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 9,756,000 | $ 2,107,000 |
Gross Carrying Amount [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Value of in-place leases | 2,398,000 | 1,960,000 |
Value of lease commissions | 152,000 | 147,000 |
Value of indefinite lived contract (1) | 3,160,000 | |
Value of technology | 4,046,000 | |
Total intangible assets | 9,756,000 | 2,107,000 |
Accumulated Amortization [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Value of in-place leases | 1,311,000 | 1,088,000 |
Value of lease commissions | 82,000 | 61,000 |
Value of indefinite lived contract (1) | ||
Value of technology | 133,000 | |
Total intangible assets | $ 1,526,000 | $ 1,149,000 |
Schedule Of Future Amortization
Schedule Of Future Amortization And Accretion Of Acquired Intangible Assets (Details) | Dec. 31, 2021USD ($) |
Acquired In Place Leases [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
2022 | $ 287,000 |
2023 | 287,000 |
2024 | 270,000 |
2025 | 156,000 |
2026 | 69,000 |
Thereafter | 17,000 |
1,087,000 | |
Lease Commissions [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
2022 | 22,000 |
2023 | 22,000 |
2024 | 18,000 |
2025 | 7,000 |
2026 | 1,000 |
Thereafter | |
70,000 | |
Technology [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
2022 | 405,000 |
2023 | 405,000 |
2024 | 404,000 |
2025 | 404,000 |
2026 | 404,000 |
Thereafter | 1,891,000 |
$ 3,913,000 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 244,000 | $ 356,000 |
Schedule of Earnings Per Share
Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | ||
Net loss attributable to common stockholders | $ 14,064,000 | $ 26,474,000 |
Denominator: | ||
Basic and dilutive weighted average shares of Common Stock outstanding | 7,741,192 | 7,329,045 |
Basic and diluted loss per weighted average common share: | ||
Basic and dilutive | $ (1.82) | $ (3.62) |
Schedule of Notes Payable (Deta
Schedule of Notes Payable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Long-term Debt, Gross | $ (1,009,000) | $ (1,165,000) |
Total [Member] | ||
Short-term Debt [Line Items] | ||
Loans Payable, Current | 207,153,000 | |
Loans Payable, Current | $ 207,153,000 | |
Long-term Debt, Current Maturities | $ 159,344,000 | |
One W 7 Carpark L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $19,000 | |
Loans Payable, Current | $ 10,271,000 | |
Long-term Debt, Current Maturities | $ 0 | |
Debt Instrument, Issuer | Associated Bank | |
[custom:DebtInstrumentTerm1] | 1 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | Variable | |
Debt Instrument, Maturity Date | May 1, 2022 | |
Loans Payable, Current | $ 10,271,000 | |
Long-term Debt, Current Maturities | $ 0 | |
Corporate Dand O Insurance [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $38,000 | |
Loans Payable, Current | $ 226,000 | |
Long-term Debt, Current Maturities | $ 299,000 | |
Debt Instrument, Issuer | MetaBank | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 3.95% | |
Debt Instrument, Maturity Date | Jul. 31, 2022 | |
Loans Payable, Current | $ 226,000 | |
Long-term Debt, Current Maturities | $ 299,000 | |
M V P Milwaukee Old World [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 1,871,000 | |
Long-term Debt, Current Maturities | $ 771,000 | |
Debt Instrument, Issuer | Vestin Realty Mortgage | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 7.00% | |
Debt Instrument, Maturity Date | Aug. 25, 2022 | |
Loans Payable, Current | $ 1,871,000 | |
Long-term Debt, Current Maturities | $ 771,000 | |
M V P Wildwood N J Lot L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 1,000,000 | |
Long-term Debt, Current Maturities | $ 1,000,000 | |
Debt Instrument, Issuer | Vestin Realty Mortgage | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 7.00% | |
Debt Instrument, Maturity Date | Aug. 25, 2022 | |
Loans Payable, Current | $ 1,000,000 | |
Long-term Debt, Current Maturities | $ 1,000,000 | |
Minneapolis Venture [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 4,000,000 | |
Long-term Debt, Current Maturities | $ 4,000,000 | |
Debt Instrument, Issuer | Vestin Realty Mortgage | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 7.00% | |
Debt Instrument, Maturity Date | Aug. 25, 2022 | |
Loans Payable, Current | $ 4,000,000 | |
Long-term Debt, Current Maturities | $ 4,000,000 | |
M V P Milwaukee Clybourn [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 191,000 | |
Long-term Debt, Current Maturities | $ 191,000 | |
Debt Instrument, Issuer | Vestin Realty Mortgage | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 7.00% | |
Debt Instrument, Maturity Date | Aug. 25, 2022 | |
Loans Payable, Current | $ 191,000 | |
Long-term Debt, Current Maturities | $ 191,000 | |
M V P Clarksburg Lot [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 476,000 | |
Long-term Debt, Current Maturities | $ 476,000 | |
Debt Instrument, Issuer | Vestin Realty Mortgage | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 7.00% | |
Debt Instrument, Maturity Date | Aug. 25, 2022 | |
Loans Payable, Current | $ 476,000 | |
Long-term Debt, Current Maturities | $ 476,000 | |
M C I 1372 Street [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 574,000 | |
Long-term Debt, Current Maturities | $ 574,000 | |
Debt Instrument, Issuer | Vestin Realty Mortgage | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 7.00% | |
Debt Instrument, Maturity Date | Aug. 25, 2022 | |
Loans Payable, Current | $ 574,000 | |
Long-term Debt, Current Maturities | $ 574,000 | |
M V P Cincinnati Race Street L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 3,450,000 | |
Long-term Debt, Current Maturities | $ 2,550,000 | |
Debt Instrument, Issuer | Vestin Realty Mortgage | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 7.00% | |
Debt Instrument, Maturity Date | Aug. 25, 2022 | |
Loans Payable, Current | $ 3,450,000 | |
Long-term Debt, Current Maturities | $ 2,550,000 | |
Two 22 W 7 Holdco L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $15,000 | |
Loans Payable, Current | $ 8,151,000 | |
Long-term Debt, Current Maturities | $ 0 | |
Debt Instrument, Issuer | Associated Bank | |
[custom:DebtInstrumentTerm1] | 1 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | Variable | |
Debt Instrument, Maturity Date | Oct. 1, 2022 | |
Loans Payable, Current | $ 8,151,000 | |
Long-term Debt, Current Maturities | $ 0 | |
S B A P P P Loan [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $14,700 | |
Loans Payable, Current | $ 328,000 | |
Long-term Debt, Current Maturities | $ 348,000 | |
Debt Instrument, Issuer | Small Business Administration | |
[custom:DebtInstrumentTerm1] | 2 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 1.00% | |
Debt Instrument, Maturity Date | Oct. 22, 2022 | |
Loans Payable, Current | $ 328,000 | |
Long-term Debt, Current Maturities | $ 348,000 | |
M V P Milwaukee Wells L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 2,529,000 | |
Long-term Debt, Current Maturities | $ 2,700,000 | |
Debt Instrument, Issuer | LoanCore | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | Variable | |
Debt Instrument, Maturity Date | Dec. 9, 2022 | |
Loans Payable, Current | $ 2,529,000 | |
Long-term Debt, Current Maturities | $ 2,700,000 | |
M V P Indianapolis City Park L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 6,744,000 | |
Long-term Debt, Current Maturities | $ 7,200,000 | |
Debt Instrument, Issuer | LoanCore | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | Variable | |
Debt Instrument, Maturity Date | Dec. 9, 2022 | |
Loans Payable, Current | $ 6,744,000 | |
Long-term Debt, Current Maturities | $ 7,200,000 | |
M V P Indianapolis W A Street L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 3,185,000 | |
Long-term Debt, Current Maturities | $ 3,400,000 | |
Debt Instrument, Issuer | LoanCore | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | Variable | |
Debt Instrument, Maturity Date | Dec. 9, 2022 | |
Loans Payable, Current | $ 3,185,000 | |
Long-term Debt, Current Maturities | $ 3,400,000 | |
M V P Raider Park Garage L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 6,931,000 | |
Long-term Debt, Current Maturities | $ 7,400,000 | |
Debt Instrument, Issuer | LoanCore | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | Variable | |
Debt Instrument, Maturity Date | Dec. 9, 2022 | |
Loans Payable, Current | $ 6,931,000 | |
Long-term Debt, Current Maturities | $ 7,400,000 | |
M V P New Orleans Rampart L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 4,965,000 | |
Long-term Debt, Current Maturities | $ 5,300,000 | |
Debt Instrument, Issuer | LoanCore | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | Variable | |
Debt Instrument, Maturity Date | Dec. 9, 2022 | |
Loans Payable, Current | $ 4,965,000 | |
Long-term Debt, Current Maturities | $ 5,300,000 | |
M V P Hawaii Marks Garage L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 12,646,000 | |
Long-term Debt, Current Maturities | $ 13,500,000 | |
Debt Instrument, Issuer | LoanCore | |
[custom:DebtInstrumentTerm1] | 1 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | Variable | |
Debt Instrument, Maturity Date | Dec. 9, 2022 | |
Loans Payable, Current | $ 12,646,000 | |
Long-term Debt, Current Maturities | $ 13,500,000 | |
M V P Memphis Poplar [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 1,800,000 | |
Long-term Debt, Current Maturities | $ 1,800,000 | |
Debt Instrument, Issuer | LoanCore | |
[custom:DebtInstrumentTerm1] | 5 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 5.38% | |
Debt Instrument, Maturity Date | Mar. 6, 2024 | |
Loans Payable, Current | $ 1,800,000 | |
Long-term Debt, Current Maturities | $ 1,800,000 | |
M V P St Louis [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 3,700,000 | |
Long-term Debt, Current Maturities | $ 3,700,000 | |
Debt Instrument, Issuer | LoanCore | |
[custom:DebtInstrumentTerm1] | 5 Year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 5.38% | |
Debt Instrument, Maturity Date | Mar. 6, 2024 | |
Loans Payable, Current | $ 3,700,000 | |
Long-term Debt, Current Maturities | $ 3,700,000 | |
Mabley Place Garage L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $44,000 | |
Loans Payable, Current | $ 7,817,000 | |
Long-term Debt, Current Maturities | $ 8,007,000 | |
Debt Instrument, Issuer | Barclays | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 4.25% | |
Debt Instrument, Maturity Date | Dec. 6, 2024 | |
Loans Payable, Current | $ 7,817,000 | |
Long-term Debt, Current Maturities | $ 8,007,000 | |
Three 22 Streeter Holdco L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 25,900,000 | |
Long-term Debt, Current Maturities | $ 0 | |
Debt Instrument, Issuer | American National Insurance Co. | |
[custom:DebtInstrumentTerm1] | 5 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 3.50% | |
Debt Instrument, Maturity Date | Mar. 1, 2025 | |
Loans Payable, Current | $ 25,900,000 | |
Long-term Debt, Current Maturities | $ 0 | |
M V P Houston Saks Garage L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $20,000 | |
Loans Payable, Current | $ 3,061,000 | |
Long-term Debt, Current Maturities | $ 3,164,000 | |
Debt Instrument, Issuer | Barclays Bank PLC | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 4.25% | |
Debt Instrument, Maturity Date | Aug. 6, 2025 | |
Loans Payable, Current | $ 3,061,000 | |
Long-term Debt, Current Maturities | $ 3,164,000 | |
Minneapolis City Parking L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $29,000 | |
Loans Payable, Current | $ 4,516,000 | |
Long-term Debt, Current Maturities | $ 4,659,000 | |
Debt Instrument, Issuer | American National Insurance, of NY | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 4.50% | |
Debt Instrument, Maturity Date | May 1, 2026 | |
Loans Payable, Current | $ 4,516,000 | |
Long-term Debt, Current Maturities | $ 4,659,000 | |
M V P Bridgeport Fairfield Garage L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $23,000 | |
Loans Payable, Current | $ 3,782,000 | |
Long-term Debt, Current Maturities | $ 3,933,000 | |
Debt Instrument, Issuer | FBL Financial Group, Inc. | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 4.00% | |
Debt Instrument, Maturity Date | Aug. 1, 2026 | |
Loans Payable, Current | $ 3,782,000 | |
Long-term Debt, Current Maturities | $ 3,933,000 | |
West 9th Properties I I L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $30,000 | |
Loans Payable, Current | $ 4,632,000 | |
Long-term Debt, Current Maturities | $ 4,774,000 | |
Debt Instrument, Issuer | American National Insurance Co. | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 4.50% | |
Debt Instrument, Maturity Date | Nov. 1, 2026 | |
Loans Payable, Current | $ 4,632,000 | |
Long-term Debt, Current Maturities | $ 4,774,000 | |
M V P Fort Worth Taylor L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $73,000 | |
Loans Payable, Current | $ 11,523,000 | |
Long-term Debt, Current Maturities | $ 11,873,000 | |
Debt Instrument, Issuer | American National Insurance, of NY | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 4.50% | |
Debt Instrument, Maturity Date | Dec. 1, 2026 | |
Loans Payable, Current | $ 11,523,000 | |
Long-term Debt, Current Maturities | $ 11,873,000 | |
M V P Detroit Center Garage L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $194,000 | |
Loans Payable, Current | $ 28,323,000 | |
Long-term Debt, Current Maturities | $ 29,042,000 | |
Debt Instrument, Issuer | Bank of America | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 5.52% | |
Debt Instrument, Maturity Date | Feb. 1, 2027 | |
Loans Payable, Current | $ 28,323,000 | |
Long-term Debt, Current Maturities | $ 29,042,000 | |
M V P Denver Sherman L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $2,000 | |
Loans Payable, Current | $ 270,000 | |
Long-term Debt, Current Maturities | $ 275,000 | |
Debt Instrument, Issuer | KeyBank | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 4.90% | |
Debt Instrument, Maturity Date | May 1, 2027 | |
Loans Payable, Current | $ 270,000 | |
Long-term Debt, Current Maturities | $ 275,000 | |
M V P Milwaukee Arena Lot L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $12,000 | |
Loans Payable, Current | $ 2,022,000 | |
Long-term Debt, Current Maturities | $ 2,069,000 | |
Debt Instrument, Issuer | KeyBank | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 4.90% | |
Debt Instrument, Maturity Date | May 1, 2027 | |
Loans Payable, Current | $ 2,022,000 | |
Long-term Debt, Current Maturities | $ 2,069,000 | |
M V P Denver 1935 Sherman L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $4,000 | |
Loans Payable, Current | $ 719,000 | |
Long-term Debt, Current Maturities | $ 736,000 | |
Debt Instrument, Issuer | KeyBank | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 4.90% | |
Debt Instrument, Maturity Date | May 1, 2027 | |
Loans Payable, Current | $ 719,000 | |
Long-term Debt, Current Maturities | $ 736,000 | |
M V P St Louis Washington L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $8,000 | |
Loans Payable, Current | $ 1,303,000 | |
Long-term Debt, Current Maturities | $ 1,334,000 | |
Debt Instrument, Issuer | KeyBank | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 4.90% | |
Debt Instrument, Maturity Date | May 1, 2027 | |
Loans Payable, Current | $ 1,303,000 | |
Long-term Debt, Current Maturities | $ 1,334,000 | |
St Paul Holiday Garage L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $24,000 | |
Loans Payable, Current | $ 3,901,000 | |
Long-term Debt, Current Maturities | $ 3,992,000 | |
Debt Instrument, Issuer | KeyBank | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 4.90% | |
Debt Instrument, Maturity Date | May 1, 2027 | |
Loans Payable, Current | $ 3,901,000 | |
Long-term Debt, Current Maturities | $ 3,992,000 | |
Cleveland Lincoln Garage L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | $23,000 | |
Loans Payable, Current | $ 3,775,000 | |
Long-term Debt, Current Maturities | $ 3,863,000 | |
Debt Instrument, Issuer | KeyBank | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 4.90% | |
Debt Instrument, Maturity Date | May 1, 2027 | |
Loans Payable, Current | $ 3,775,000 | |
Long-term Debt, Current Maturities | $ 3,863,000 | |
M V P Indianapolis Meridian Lot L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 938,000 | |
Long-term Debt, Current Maturities | $ 938,000 | |
Debt Instrument, Issuer | Cantor Commercial Real Estate | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 5.03% | |
Debt Instrument, Maturity Date | May 6, 2027 | |
Loans Payable, Current | $ 938,000 | |
Long-term Debt, Current Maturities | $ 938,000 | |
M V P Louisville Broadway Station L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 1,682,000 | |
Long-term Debt, Current Maturities | $ 1,682,000 | |
Debt Instrument, Issuer | Cantor Commercial Real Estate | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 5.03% | |
Debt Instrument, Maturity Date | May 6, 2027 | |
Loans Payable, Current | $ 1,682,000 | |
Long-term Debt, Current Maturities | $ 1,682,000 | |
M V P Whitefront Garage L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 6,454,000 | |
Long-term Debt, Current Maturities | $ 6,454,000 | |
Debt Instrument, Issuer | Cantor Commercial Real Estate | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 5.03% | |
Debt Instrument, Maturity Date | May 6, 2027 | |
Loans Payable, Current | $ 6,454,000 | |
Long-term Debt, Current Maturities | $ 6,454,000 | |
M V P Houston Preston Lot L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 1,627,000 | |
Long-term Debt, Current Maturities | $ 1,627,000 | |
Debt Instrument, Issuer | Cantor Commercial Real Estate | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 5.03% | |
Debt Instrument, Maturity Date | May 6, 2027 | |
Loans Payable, Current | $ 1,627,000 | |
Long-term Debt, Current Maturities | $ 1,627,000 | |
M V P Houston San Jacinto Lot L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 1,820,000 | |
Long-term Debt, Current Maturities | $ 1,820,000 | |
Debt Instrument, Issuer | Cantor Commercial Real Estate | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 5.03% | |
Debt Instrument, Maturity Date | May 6, 2027 | |
Loans Payable, Current | $ 1,820,000 | |
Long-term Debt, Current Maturities | $ 1,820,000 | |
St Louis Broadway L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 1,671,000 | |
Long-term Debt, Current Maturities | $ 1,671,000 | |
Debt Instrument, Issuer | Cantor Commercial Real Estate | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 5.03% | |
Debt Instrument, Maturity Date | May 6, 2027 | |
Loans Payable, Current | $ 1,671,000 | |
Long-term Debt, Current Maturities | $ 1,671,000 | |
St Louis Seventh Cerre L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 2,058,000 | |
Long-term Debt, Current Maturities | $ 2,057,000 | |
Debt Instrument, Issuer | Cantor Commercial Real Estate | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 5.03% | |
Debt Instrument, Maturity Date | May 6, 2027 | |
Loans Payable, Current | $ 2,058,000 | |
Long-term Debt, Current Maturities | $ 2,057,000 | |
St Louis Cardinal Lot D S T L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 6,000,000 | |
Long-term Debt, Current Maturities | $ 0 | |
Debt Instrument, Issuer | Cantor Commercial Real Estate | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 5.25% | |
Debt Instrument, Maturity Date | May 31, 2027 | |
Loans Payable, Current | $ 6,000,000 | |
Long-term Debt, Current Maturities | $ 0 | |
M V P Preferred Parking L L C [Member] | ||
Short-term Debt [Line Items] | ||
[custom:DebtInstrumentPeriodicPayment1] | Interest Only | |
Loans Payable, Current | $ 11,330,000 | |
Long-term Debt, Current Maturities | $ 11,330,000 | |
Debt Instrument, Issuer | Key Bank | |
[custom:DebtInstrumentTerm1] | 10 year | |
[custom:DebtInstrumentInterestRateStatedPercentage1-2] | 5.02% | |
Debt Instrument, Maturity Date | Aug. 1, 2027 | |
Loans Payable, Current | $ 11,330,000 | |
Long-term Debt, Current Maturities | $ 11,330,000 |
Future Principal Payments (Deta
Future Principal Payments (Details) | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 69,807,000 |
2023 | 2,499,000 |
2024 | 15,282,000 |
2025 | 31,012,000 |
2026 | 22,630,000 |
Thereafter | 66,932,000 |
Less unamortized loan issuance costs | (1,009,000) |
Total | $ 207,153,000 |
Notes Payable Paid In Full (Det
Notes Payable Paid In Full (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Corporate D O Insurance [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Debt Instrument, Face Amount | $ 1,185,000 |
[custom:DebtInstrumentPeriodicPayment1] | $150,000 |
Loans Payable, Current | |
Long-term Debt, Current Maturities | $ 299,000 |
Debt Instrument, Issuer | MetaBank |
[custom:DebtInstrumentTerm1] | 1 Year |
Debt Instrument, Interest Rate, Stated Percentage | 3.60% |
Debt Instrument, Maturity Date | Feb. 28, 2021 |
S B A P P P Loan 2 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Debt Instrument, Face Amount | $ 348,000 |
[custom:DebtInstrumentPeriodicPayment1] | $14,700 |
Loans Payable, Current | |
Long-term Debt, Current Maturities | $ 348,000 |
Debt Instrument, Issuer | Small Business Administration |
[custom:DebtInstrumentTerm1] | 2 Year |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% |
Debt Instrument, Maturity Date | Oct. 22, 2022 |
Color Up L L C [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Debt Instrument, Face Amount | $ 1,200,000 |
[custom:DebtInstrumentPeriodicPayment1] | N/A |
Loans Payable, Current | |
Long-term Debt, Current Maturities | |
Debt Instrument, Issuer | Color Up, LLC |
[custom:DebtInstrumentTerm1] | 7 months |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% |
Debt Instrument, Maturity Date | Dec. 31, 2021 |
M V P San Jose 88 Garage L L C [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Debt Instrument, Face Amount | $ 1,645,000 |
[custom:DebtInstrumentPeriodicPayment1] | Interest Only |
Loans Payable, Current | |
Long-term Debt, Current Maturities | |
Debt Instrument, Issuer | Multiple |
[custom:DebtInstrumentTerm1] | 1 Year |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% |
Debt Instrument, Maturity Date | Jun. 30, 2020 |
The Parking R E I T D O Insurance [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Debt Instrument, Face Amount | $ 1,681,000 |
[custom:DebtInstrumentPeriodicPayment1] | $171,000 |
Loans Payable, Current | |
Long-term Debt, Current Maturities | |
Debt Instrument, Issuer | MetaBank |
[custom:DebtInstrumentTerm1] | 1 Year |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% |
Debt Instrument, Maturity Date | Apr. 30, 2020 |
Notes Payable and Paycheck Pr_3
Notes Payable and Paycheck Protection Program Loan (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Interest Expense, Debt | $ 9.2 | $ 8.5 |
Amortization of Debt Issuance Costs | $ 0.3 | $ 0.8 |
Equity Method Investments - MVP
Equity Method Investments - MVP St. Louis (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Investments in real estate | $ 61,000 | $ 63,000 | |
Cash | 16,696,000 | 7,895,000 | $ 11,644,000 |
Cash – restricted | 4,891,000 | 3,660,000 | |
Prepaid expenses | 676,000 | 1,909,000 | |
Total assets | 429,147,000 | 293,732,000 | |
LIABILITIES | |||
Notes payable | 207,153,000 | 159,344,000 | |
Total liabilities | 223,323,000 | 182,914,000 | |
Revenue | 20,424,000 | 16,594,000 | |
Net income (loss) | (12,361,000) | (24,049,000) | |
Equity Method Investments [Member] | |||
ASSETS | |||
Investments in real estate | 11,809,000 | ||
Cash | 22,000 | ||
Cash – restricted | 153,000 | ||
Accounts receivable | 50,000 | ||
Prepaid expenses | 13,000 | ||
Total assets | 12,047,000 | ||
LIABILITIES | |||
Notes payable | 5,961,000 | ||
Accounts payable and accrued liabilities | 48,000 | ||
Due to related party | 193,000 | ||
Total liabilities | 6,202,000 | ||
Revenue | 488,000 | 668,000 | |
Expenses | (434,000) | (788,000) | |
Net income (loss) | $ 54,000 | $ (120,000) |
Lease Revenue (Details)
Lease Revenue (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Fixed contractual payments | $ 9,154,000 | $ 8,908,000 |
Variable lease payments | 6,939,000 | 5,386,000 |
Straight-line rental income | $ 135,000 | $ 188,000 |
Future Lease Payments Due (Deta
Future Lease Payments Due (Details) | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 5,700,000 |
2023 | 5,093,000 |
2024 | 4,355,000 |
2025 | 3,337,000 |
2026 | 2,480,000 |
Thereafter | $ 415,000 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating Lease, Expense | $ 176,000 | $ 112,000 |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense Benefit (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current | ||
Federal | ||
State | 30,749 | |
Total Current | 30,749 | |
Deferred | ||
Federal | ||
State | ||
Total Deferred | ||
Total | $ 30,749 |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes | ||
Tax at U.S. statutory rate | 21.00% | 21.00% |
State taxes, net of federal effect | 5.16% | 5.10% |
Non-Deductible Expenses | 0.64% | 0.01% |
Revaluation of deferred tax assets/liabilities | 76.09% | |
Change in Valuation Allowance | (27.08%) | (102.30%) |
Effective income tax rate |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets: | ||
NOL Carryforward | $ 11,307,270 | $ 9,183,471 |
Real Estate Investments | 6,478,695 | |
Intangible Assets | 9,286,082 | |
Prepaid Rent | 36,616 | |
Investment in Operating Partnership | 16,236,475 | |
Gross deferred tax assets | 27,543,746 | 24,985,134 |
Less valuation allowance | (27,543,746) | (24,601,466) |
Total deferred tax assets | 383,668 | |
Deferred Tax Liabilities: | ||
Straight-line Rent | (383,668) | |
Total deferred tax liabilities | (383,668) | |
Total net deferred taxes |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Including Additional Paid in Capital | $ 2.5 | |
Dividends Payable, Nature | The holders of the Series A Preferred Stock are entitled to receive, when and as authorized by the Board of Directors and declared by the Company out of funds legally available for the payment of dividends, cash dividends at the rate of 5.75% per annum of the initial stated value of $1,000 per share. Since a Listing Event, as defined in the charter, did not occur by March 31, 2018, the cash dividend rate has been increased to 7.50%, until a Listing Event at which time, the annual dividend rate will be reduced to 5.75% of the Stated Value. | |
[custom:Warrants] | Each investor in the Series A offering received, for every $1,000 in shares subscribed by such investor, detachable warrants to purchase 30 shares of the Company’s Common Stock if the Company’s Common Stock is listed on a national securities exchange. The warrants’ exercise price is equal to 110% of the volume weighted average closing stock price of the Company’s Common Stock over a specified period as determined in accordance with the terms of the warrant; however, in no event shall the exercise price be less than $25 per share. If a Listing Event does not occur on or prior to the fifth anniversary of the final closing date of the Series A offering, the outstanding warrants expire automatically on such anniversary date without being exercisable by the holders thereof. If a Listing Event does occur on or before March 24, 2022, the five-year anniversary date, these warrants will then expire five years from the 90th day after the occurrence of a Listing Event. The Company engaged a third-party expert to value these warrants and the estimated value as of December 31, 2021 is immaterial. As of December 31, 2021, there were detachable warrants that could be exercised for 84,510 shares of the Company’s Common Stock, if a Listing Event occurs on or before March 22, 2022, after the 90th day following the occurrence of a Listing Event. If all the potential warrants outstanding at December 31, 2021 became exercisable because of a Listing Event and were exercised at the minimum price of $25 per share, gross proceeds to the Company would be approximately $2.1 million and the Company would as a result issue an additional 84,510 shares of common stock. | |
Preferred Stock, Shares Authorized | 50,000 | 50,000 |
Series 1 Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Dividends Payable, Nature | The holders of the Series 1 Preferred Stock are entitled to receive, when and as authorized by the Company’s Board of Directors and declared by us out of legally available funds, cumulative, cash dividends on each Share at an annual rate of 5.50% of the Stated Value pari passu with the dividend preference of the Series A Preferred Stock and in preference to any payment of any dividend on the Company’s Common Stock; provided that since a Listing Event has not occurred by April 7, 2018, the annual dividend rate on all Series 1 Preferred Stock shares has been increased to 7.00% of the Stated Value until the occurrence of a Listing Event, at which time, the annual dividend rate will be reduced to 5.50% of the Stated Value. Based on the number of Series 1 Preferred Stock shares outstanding at December 31, 2021, the increased dividend rate costs the Company approximately $150,000 more per quarter in Series 1 dividends. | |
[custom:Warrants] | Each investor in the Series 1 offering received, for every $1,000 in shares subscribed by such investor, detachable warrants to purchase 35 shares of the Company’s Common Stock if the Company’s Common Stock is listed on a national securities exchange. The warrants’ exercise price is equal to 110% of the volume weighted average closing stock price of the Company’s Common Stock over a specified period as determined in accordance with the terms of the warrant; however, in no event shall the exercise price be less than $25 per share. If a Listing Event does not occur on or prior to the fifth anniversary of the final closing date of the Series 1 offering, the outstanding warrants expire automatically on such anniversary date without being exercisable by the holders thereof. If a Listing Event does occur on or before January 31, 2023, the five-year anniversary date, these warrants will then expire five years from the 90th day after the occurrence of a Listing Event. The Company engaged a third-party expert to value these warrants and the estimated value as of December 31, 2021 is immaterial. As of December 31, 2021, there were detachable warrants that may be exercised for 1,382,675 shares of the Company’s Common Stock after the 90th day following the occurrence of a Listing Event. If all the potential warrants outstanding at December 31, 2021 became exercisable because of a Listing Event and were exercised at the minimum price of $25 per share, gross proceeds to the Company would be approximately $34.6 million and as a result the Company would issue an additional 1,382,675 shares of Common Stock. | |
Preferred Stock, Shares Authorized | 97,000 | 97,000 |
Employee Benefit Plan (Details
Employee Benefit Plan (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Employee Benefits and Share-based Compensation | $ 46,000 | $ 34,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Key Banc Capital Markets [Member] | 1 Months Ended |
Mar. 25, 2022USD ($) | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 |
Line of Credit Facility, Expiration Date | Apr. 1, 2023 |
Schedule III - Schedule of Real
Schedule III - Schedule of Real Estate and Accumulated Depreciation By Property (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 175,156,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 254,379,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 420,603,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | 21,348,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 175,156,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 254,379,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 420,603,000 | $ 292,076,000 | $ 310,563,000 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 21,348,000 | $ 15,890,000 | $ 11,506,000 |
West 9th Street [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | OH | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 4,632,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,675,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 170,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,844,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 5,844,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 47,000 | ||
[custom:DateAcquired] | 2016 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 4,632,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,675,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 170,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,844,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 5,844,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 47,000 | ||
Crown Colony [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | OH | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,030,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 18,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,954,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 2,954,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 6,000 | ||
[custom:DateAcquired] | 2016 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,030,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 18,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,954,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 2,954,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 6,000 | ||
M C I 1372 Street [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | OH | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 574,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | |||
[custom:DateAcquired] | 2016 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | N/A | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 574,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | |||
Cincinnati Race Street [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | OH | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,450,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,142,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 2,358,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 1,848,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,904,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 3,944,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 5,848,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 767,000 | ||
[custom:DateAcquired] | 2016 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39,15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,450,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,142,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 2,358,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 1,848,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,904,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 3,944,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 5,848,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 767,000 | ||
St Louis Washington [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | MO | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,303,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 7,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,637,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 1,637,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 2,000 | ||
[custom:DateAcquired] | 2016 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,303,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 7,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,637,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 1,637,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 2,000 | ||
St Paul Holiday Garage [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | MN | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,901,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,673,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 6,527,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 277,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,673,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 6,804,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 8,477,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 955,000 | ||
[custom:DateAcquired] | 2016 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39,15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,901,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,673,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 6,527,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 277,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,673,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 6,804,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 8,477,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 955,000 | ||
Louisville Station [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | KY | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,682,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,050,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 57,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,007,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 3,007,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 18,000 | ||
[custom:DateAcquired] | 2016 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,682,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,050,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 57,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,007,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 3,007,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 18,000 | ||
Whitefront Garage [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | TN | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 6,454,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,116,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,380,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 176,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,116,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,556,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 11,672,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 1,180,000 | ||
[custom:DateAcquired] | 2016 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39,15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 6,454,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,116,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,380,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 176,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,116,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,556,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 11,672,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 1,180,000 | ||
Cleveland Lincoln Garage [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | OH | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,775,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,195,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 5,122,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 5,040,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,378,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,256,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 9,634,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 1,370,000 | ||
[custom:DateAcquired] | 2016 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39,15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,775,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,195,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 5,122,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 5,040,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,378,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,256,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 9,634,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 1,370,000 | ||
Houston Preston [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | TX | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,627,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,800,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 20,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,820,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 2,820,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 6,000 | ||
[custom:DateAcquired] | 2016 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,627,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,800,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 20,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,820,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 2,820,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 6,000 | ||
Houston San Jacinto [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | TX | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,820,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,200,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 50,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,250,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 3,250,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 15,000 | ||
[custom:DateAcquired] | 2016 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,820,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,200,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 50,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,250,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 3,250,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 15,000 | ||
M V P Detroit Center Garage [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | MI | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,323,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 48,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 743,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 48,743,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 55,743,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 6,223,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39,15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,323,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 48,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 743,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 48,743,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 55,743,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 6,223,000 | ||
St Louis Broadway [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | MO | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,671,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,400,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,400,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 2,400,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | |||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | N/A | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,671,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,400,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,400,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 2,400,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | |||
St Louis Seventh Cerre [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | MO | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 2,058,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,300,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,300,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 3,300,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | |||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | N/A | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 2,058,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,300,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,300,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 3,300,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | |||
M V P Preferred Parking [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | TX | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 11,330,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 15,800,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 4,700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 719,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 15,230,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 5,250,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 20,480,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 693,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39,15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 11,330,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 15,800,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 4,700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 719,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 15,230,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 5,250,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 20,480,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 693,000 | ||
M V P Raider Park Garage [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | TX | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 6,931,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,005,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 9,057,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 2,593,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,005,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,651,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 13,656,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 1,324,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39,15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 6,931,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,005,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 9,057,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 2,593,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,005,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,651,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,656,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 1,324,000 | ||
M V P P F Memphis Poplar 2013 [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | TN | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,800,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,658,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 13,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,671,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 3,671,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 13,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,800,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,658,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 13,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,671,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 3,671,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 13,000 | ||
M V P P F St Louis 2013 [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | MO | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,041,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,042,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 5,042,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 29,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,041,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,042,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 5,042,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 29,000 | ||
Mabley Place Garage [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | OH | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 7,817,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,585,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 19,018,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 142,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,360,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 16,385,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 17,745,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 1,898,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39,15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 7,817,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,585,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 19,018,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 142,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,360,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 16,385,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 17,745,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 1,898,000 | ||
M V P Denver Sherman [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | CO | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 270,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 705,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 705,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 705,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | |||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | N/A | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 270,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 705,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 705,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 705,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | |||
M V P Fort Worth Taylor [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | TX | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 11,523,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,845,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 24,405,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 5,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,845,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 24,410,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 27,255,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 2,543,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39,15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 11,523,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,845,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 24,405,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 5,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,845,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 24,410,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,255,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 2,543,000 | ||
M V P Milwaukee Old World [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | WI | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,871,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,003,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,003,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 2,003,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 19,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,871,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,003,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,003,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 2,003,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 19,000 | ||
M V P Houston Saks Garage [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | TX | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,061,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,931,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 5,221,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 33,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,713,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 4,049,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 7,762,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 509,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39,15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,061,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,931,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 5,221,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 33,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,713,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 4,049,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 7,762,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 509,000 | ||
M V P Milwaukee Wells [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | WI | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 2,529,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,994,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,374,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 4,374,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 67,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 2,529,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,994,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,374,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 4,374,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 67,000 | ||
M V P Wildwood N J Lot [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | NJ | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,631,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 696,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 696,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | |||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | N/A | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,631,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 696,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 696,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | |||
M V P Indianapolis City Park [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | IN | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 6,744,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,056,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,557,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 114,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,056,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,672,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 10,728,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 916,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39,15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 6,744,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,056,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,557,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 114,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,056,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,672,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,728,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 916,000 | ||
M V P Indianapolis W A Street Lot [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | IN | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,185,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,618,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,617,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 5,617,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 21,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,185,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,618,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,617,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 5,617,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 21,000 | ||
M V P Minneapolis Venture [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | MN | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 4,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,013,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,013,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 4,013,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | |||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | N/A | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 4,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,013,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,013,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 4,013,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | |||
M V P Indianapolis Meridian Lot [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | IN | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 938,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,573,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,523,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 1,523,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 6,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 938,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,573,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,523,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 1,523,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 6,000 | ||
M V P Milwaukee Clybourn [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | WI | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 191,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 257,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 256,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 256,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 3,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 191,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 257,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 256,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 256,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 3,000 | ||
M V P Milwaukee Arena [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | WI | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 2,022,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,631,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,631,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 4,631,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | |||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | N/A | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 2,022,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,631,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,631,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 4,631,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | |||
M V P Clarksburg Lot [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | WV | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 476,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 701,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 611,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 611,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 2,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 476,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 701,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 611,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 611,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 2,000 | ||
M V P Denver 1935 Sherman [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | CO | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 719,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,533,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,533,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 2,533,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | |||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | N/A | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 719,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,533,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,533,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 2,533,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | |||
M V P Bridgeport Fairfield Garage [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | CT | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,782,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 498,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 7,555,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 12,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 498,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 7,567,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 8,065,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 823,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39,15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,782,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 498,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 7,555,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 12,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 498,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 7,567,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 8,065,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 823,000 | ||
Minneapolis City Parking [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | MN | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 4,516,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,633,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,513,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 7,513,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 80,000 | ||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 4,516,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,633,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,513,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 7,513,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 80,000 | ||
M V P New Orleans Rampart [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | LA | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 4,965,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,105,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,835,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 7,835,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | |||
[custom:DateAcquired] | 2018 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | N/A | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 4,965,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,105,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,835,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 7,835,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | |||
M V P Hawaii Marks [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | HI | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 12,646,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,119,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 11,715,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 368,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 8,571,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,381,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 19,952,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 1,095,000 | ||
[custom:DateAcquired] | 2018 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39,15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 12,646,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,119,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 11,715,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 368,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 8,571,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,381,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,952,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 1,095,000 | ||
One W 7 Carpark [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | OH | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 10,271,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,995,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 28,813,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,995,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 28,813,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 31,808,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 245,000 | ||
[custom:DateAcquired] | 2021 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39, 15 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 10,271,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,995,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 28,813,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,995,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 28,813,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 31,808,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 245,000 | ||
Two Two Two W 7 [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | OH | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 8,151,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,391,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 23,923,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,391,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 23,923,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 28,314,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 204,000 | ||
[custom:DateAcquired] | 2021 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 8,151,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,391,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 23,923,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,391,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 23,923,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 28,314,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 204,000 | ||
Three Two Two Streeter [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | IL | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 25,900,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 11,387,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 27,096,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 11,387,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 27,096,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 38,483,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 231,000 | ||
[custom:DateAcquired] | 2021 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 25,900,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 11,387,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 27,096,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 11,387,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 27,096,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 38,483,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 231,000 | ||
Second Street [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | FL | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 93,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 93,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 93,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | |||
[custom:DateAcquired] | 2021 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | N/A | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 93,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 93,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 93,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | |||
Denver 1725 Champa Street Garage [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | CO | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,414,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,860,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,414,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,860,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 16,274,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 38,000 | ||
[custom:DateAcquired] | 2021 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | 39 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,414,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,860,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,414,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,860,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,274,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 38,000 | ||
M V P St Louis Cardinal Lot D S T [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
[custom:GeographicLocationOfProperty] | MO | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 6,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 11,660,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 19,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 11,660,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 19,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 11,679,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | |||
[custom:DateAcquired] | 2017 | ||
[custom:LifeOnWhichDepreciationInLatestStatementIsComputed] | N/A | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 6,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 11,660,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 19,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 11,660,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 19,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 11,679,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | |||
Total [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 207,608,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 249,326,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 12,405,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 166,224,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | 420,603,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | 21,348,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 207,608,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 249,326,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 12,405,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 166,224,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 420,603,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ 21,348,000 |
Schedule III - Historical Cost
Schedule III - Historical Cost Of Total Real Estate Held For Investment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||
Total real estate held for investment, inception (prior) | $ 292,076,000 | $ 310,563,000 |
Additions during period: | ||
Acquisitions | 126,651,000 | |
Improvements | 1,876,000 | 687,000 |
Deductions during period: | ||
Dispositions | (5,059,000) | |
Impairments | (14,115,000) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | $ 420,603,000 | $ 292,076,000 |
Schedule III - Schedule of Accu
Schedule III - Schedule of Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||
Accumulated depreciation, inception (prior) | $ 15,890,000 | $ 11,506,000 |
Deductions during period: | (429,000) | |
Depreciation of real estate | 5,458,000 | 4,813,000 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 21,348,000 | $ 15,890,000 |